Backpack founder Armani Ferrante says the company’s staff and investors won’t get an allocation at its upcoming token launch to avoid insiders “dumping on retail.”
Backpack, a crypto exchange founded by former employees of FTX, says it will launch a 1-billion-supply token in the future, with its distribution schedule tied to its goal of going public in the US.
Backpack posted to X on Monday that its token launch will begin with 25% of the intended supply, or 250 million tokens, to become available on a yet-to-be-disclosed launch date.
Another 37.5% of the total supply, or 375 million pre-IPO tokens, will be made available “upon achievement of key milestones,” which Ferrante said would include opening in a new region or launching a new product.
