Backpack Exchange Unveils Tokenomics Strategy with US IPO Ambition at Its Core

Reading Time: < 1 minute

Backpack, a cryptocurrency exchange established by former employees of the defunct platform FTX, has announced plans for a future token launch. The distribution model for its proposed 1-billion-token supply will be explicitly linked to the company’s stated objective of pursuing a public listing in the US.

In a social media post on Monday, the exchange outlined that the token launch will commence with an initial distribution of 25 percent of the total supply, equating to 250 million tokens, on a forthcoming date that has yet to be specified.

An additional 37.5 percent of the supply, or 375 million tokens designated as pre-IPO tokens, are slated to be unlocked progressively. This process will be contingent upon the company reaching certain operational milestones. Backpack’s co-founder and Chief Executive Officer, Armani Ferrante, indicated these milestones could encompass significant expansions such as entering a new geographic region or debuting a major new product line.

The final tranche, consisting of the remaining 375 million post-IPO tokens, would remain fully locked and held within a corporate treasury. According to the announcement, these tokens would only become accessible one full year after Backpack successfully completes an initial public offering.