Overview
- Backpack set a 1 billion token supply with 25% released at the Token Generation Event, allocating 240 million to points holders and 10 million to Mad Lads NFT holders.
- Founders, employees, and investors receive no direct token allocations, with team-associated tokens held in the corporate treasury and locked until at least one year after an IPO.
- User token releases are tied to growth milestones such as entering new regions or launching products like prediction markets, equities access, and payment cards.
- The company is in talks to raise about $50 million at roughly a $1 billion pre-money valuation, according to reports, a round that would confer unicorn status if completed.
- Backpack emphasizes a compliance-first rollout, citing a Dubai VARA license, MiFID II authorization for EU derivatives, and a first-of-its-kind offering of natively issued SEC-registered equities on a blockchain.