The funds will be used to continue the exchange’s global expansion and further improve products, its founder told Cointelegraph in an exclusive interview.
Solana-based cryptocurrency exchange Backpack has closed a $17 million strategic Series A funding round, giving it a $120 million combined valuation.
The funding round was led by Placeholder VC, with participation from other strategic investors, including Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, Delphi Digital, as well as some notable founders from Web3 ecosystems like Solana and Tensor, according to a Feb. 28 press release shared with Cointelegraph.
According to Armani Ferrante, the founder and CEO of Backpack Exchange, the new funding round marks a new chapter for the crypto industry. Ferrante wrote: