{"id":89556,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-based-crypto-startup-backpack-bags-usd-17-mn-in-funding-round\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"dubai-based-crypto-startup-backpack-bags-usd-17-mn-in-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/29\/dubai-based-crypto-startup-backpack-bags-usd-17-mn-in-funding-round\/","title":{"rendered":"Dubai-based crypto startup Backpack bags USD 17 mn in funding round"},"content":{"rendered":"

Crypto exchange startup raises USD 17 mn:<\/strong> Dubai-based crypto exchange and wallet Backpack<\/a> closed a USD 17 mn series A funding round led by crypto venture firm Placeholder VC<\/a> that values the company at USD 120 mn, according to a press release<\/a>. Other participating investors include Hashed, Robot Ventures, Amber Group, Wintermute Ventures, and blockchain platforms such as Solana, Tensor, Jito, Zeta, and Marginfi. <\/p>\n

About Backpack:<\/strong> Headquartered in Dubai with a Virtual Asset Service Provider license<\/a>, Backpack\u2019s services and products include a crypto exchange, a crypto wallet, and an NFT collection called Mad Lads. It was founded by a group of former employees of disgraced crypto b\u2019naire Sam Bankman-Fried<\/a> \u2019s now-defunct crypto exchange, FTX, and Alameda Research. The crypto platform was launched in October 2023 in a bid to \u201cfill a gap left by the collapse of their former employer Sam Bankman-Fried\u2019s crypto empire,\u201d Bloomberg<\/a> reports. <\/p>\n

What they said: <\/strong>\u201cThe history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we\u2019ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry,\u201d Backpack CEO Armani Ferrante said. <\/p>\n","protected":false},"excerpt":{"rendered":"

Backpack was founded by former FTX employees<\/p>\n","protected":false},"author":1,"featured_media":89557,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1548],"tags":[968,107,7,969,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-backpack","tag-crypto","tag-enterpriseam-uae","tag-ftx","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"337082a2-0148-44e7-be1f-2a3ae430da4b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2839.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai-based crypto startup Backpack bags USD 17 mn in funding round","related_issue":[89543],"teaser":"Backpack was founded by former FTX employees","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.c1b7dc12-eddf-4d31-befa-141bc6d406ef.mp3"},"yoast_head":"\nDubai-based crypto startup Backpack bags USD 17 mn in funding round - 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