A group of former employees of FTX and Alameda Research have raised $17 million to create a cryptocurrency exchange called Backpack, joining the ranks of startups seeking to fill the gap left by the collapse of former employer Sam Bankman-Fried's cryptocurrency empire.
Backpack, a Dubai-based company that also offers a cryptocurrency wallet and NFT collection called Mad Lads, said it has reached a $120 million valuation with a Series A round. Armani Ferrante, CEO and co-founder, was an early employee at the Alameda research firm. Another co-founder, Can Sun, was the former general counsel of FTX. Five of its 40-person workforce were former FTX employees.
