BP#203multi
Backpack
Where to buy BP
Trade Backpack on a supported exchange.
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Risk signals
Key risks surfaced in review. See Risks & controversies below for the sourced detail.
- FTX alumni scrutinyMedium
Founders are former FTX and Alameda employees who faced early scrutiny after the 2022 FTX collapse.
- Airdrop Sybil disputesLow
Strict Sybil-resistance measures invalidated points for some long-term users, drawing community criticism.
- OTC sales allegationsLow
Unproven allegations of team OTC sales were publicly denied by the founder.
- Polymarket trading probeMedium
Project denied insider involvement in suspicious Polymarket activity on BP valuation and stated it was investigating.
- Treasury supply concentrationMedium
37.5% of the 1B fixed supply sits in corporate treasury locked only until after a potential IPO.
Backpack wiki
First drafts are compiled automatically from public and primary sources, with every claim cited. Anyone can propose edits, and every change is reviewed against primary sources before it goes live.
Background
Updated by Tokenica
Backpack is an integrated cryptocurrency ecosystem that combines a self-custodial multi-chain wallet with a regulated centralized exchange (CEX), offering spot, perpetual futures, margin trading, lending, and stock/tokenization services from unified accounts. The project was founded in 2022 and launched its native BP token on Solana in March 2026 with a 1 billion total supply, of which 25% was distributed primarily via airdrop to users with no insider allocation at inception. The BP token functions as a utility token for staking to access reduced trading fees, higher yields, free withdrawals, and the right to exchange staked tokens for company equity at IPO or acquisition, with additional integration in lending markets and limited governance participation.
Risks & controversies
Updated by Tokenica
Backpack (BP), the native token of the Solana-based Backpack Exchange and wallet launched via TGE on March 23, 2026, with a 25% airdrop and no initial insider allocations, was founded by former FTX and Alameda Research employees who faced early scrutiny following the 2022 FTX collapse; the company later acquired and relaunched FTX's European arm as Backpack EU. Community criticism and FUD around the airdrop centered on strict Sybil-resistance measures that invalidated points for some long-term users, alongside unproven allegations of team OTC sales that founder Armani Ferrante publicly denied. Shortly after launch, Backpack denied any insider involvement in suspicious Polymarket trading activity aimed at influencing BP valuation bets and stated it was investigating the matter. No security exploits, regulatory enforcement actions, major team departures, depegs, liquidations, or operational halts affecting the project or holders have been documented in primary or major secondary sources.
Team
Updated by Tokenica
- Armani FerranteFounder & CEO
- Tristan YverCo-founder
- Peter PiekarczykFounding Engineer
Tokenomics
Updated by Tokenica
Backpack ($BP) has a fixed total supply of 1,000,000,000 tokens on Solana. At TGE on March 23, 2026, 250,000,000 tokens (25%) entered circulation, allocated entirely to users via 240,000,000 (24%) to points holders and 10,000,000 (1%) to Mad Lads NFT holders, with no direct allocations to founders, employees, or investors. The remaining supply consists of 375,000,000 tokens (37.5%) unlocked progressively upon achievement of growth milestones (all to users) and 375,000,000 tokens (37.5%) held in corporate treasury, locked until at least one year after a potential IPO. Token utility includes staking for a minimum of one year to convert BP into company equity at a fixed ratio (up to a 20% equity pool shared among eligible stakers) and priority allocation in a planned IPO.
Timeline
Updated by Tokenica
- 2022Backpack Founded by Solana DevelopersBackpack was founded in 2022 by Armani Ferrante and Tristan Yver, with development by Coral, the team behind the Anchor framework for Solana.
- Sep 2022Coral Raises $20M Strategic RoundCoral raised $20 million in a strategic funding round co-led by FTX Ventures and Jump Crypto to support Backpack wallet and xNFT development.
- Apr 2023Mad Lads NFT Collection LaunchedBackpack launched the Mad Lads NFT collection on Solana in April 2023, which became a top NFT project and supported the airdrop eligibility for the BP token.
- Nov 2023Backpack Exchange Beta Launch with LicenseBackpack Exchange entered beta after obtaining a Virtual Asset Service Provider (VASP) license from Dubai's VARA regulatory authority.
- Feb 2024Series A Funding of $17M RaisedBackpack raised $17 million in a Series A round at a $120 million valuation, led by Placeholder VC with participation from multiple investors.
- Mar 23, 2026BP Token Launches on SolanaBackpack launched its native BP token on Solana with a 1 billion total supply, distributing 25% via airdrop to points participants and Mad Lads holders with no initial insider allocation.
- Jun 2026Backpack Securities Launched for Tokenized StocksBackpack announced and rolled out Backpack Securities, enabling tokenized U.S. stock trading on Solana through partnerships like Sunrise, including assets such as SpaceX shares.
Products
Updated by Tokenica
- Regulated centralized cryptocurrency exchange offering spot, perpetual futures, margin trading, and predictions with cross-margin unified accounts.
- Self-custodial multi-chain wallet supporting 10+ networks with xNFTs, DeFi access, and direct integration to the exchange.
- Lending and borrowing markets integrated into the unified margin account for earning yield on collateral and idle assets.
- Product for additional yield or storage features within the Backpack ecosystem.
- Staking program for BP tokens providing fee discounts, extra yields, wire benefits, and rights to exchange for equity at IPO.
- Backpack SecuritiesStock brokerage and tokenization platform for trading traditional equities like U.S. stocks alongside crypto.
- Prediction MarketsPlatform for trading on real-world events and crypto price predictions integrated with the exchange account.