Backpack Ecosystem Inc., the creators of Backpack Wallet, Mad Lads NFT Series, and Backpack Exchange, announced the first joint completion of a $17 million strategic Series A funding round with a total valuation of 1.$200 million。

The round was led by Placeholder VC, with other select strategic investors such as Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, as well as founders of leading Web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters from around the world.。

Backpack CEO Armani Ferrante commented: "Scandals are endless in financial history, but Backpack's approach is different.。Over the past year, we have laid the groundwork for establishing a crypto-native financial institution, and with the completion of this round of funding, based on the basic principles of trust minimization and compliance, we have begun a new chapter of our own and hope to open a new chapter for other members of the industry.。"

The Backpack ecosystem is made up of multiple products and services, including Backpack Unmanaged Wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionality, and Mad Lads, currently the top NFT community in the Solana ecosystem.。Backpack is also the creator and developer of the Solana smart contract framework Anchor, the executable NFT (xNFT) token standard, and more.。

Backpack's strategic financing is led by Placeholder VC。Joel Monegro, general partner at Placeholder VC, said: "We were impressed by Backpack's ability to not only deliver high-quality applications, but also build a strong community around its ecosystem.。"Over the past year, we have developed an excellent relationship with the team and we believe they have the ability, ambition and motivation to create one of the most trusted global exchanges in the industry, with a high focus on performance, compliance and auditability.。

"The Backpack team is an all-star team that truly understands the community and is focused on building compliance services.。Their ability to create the best user experience is top-notch, and the synergies within their ecosystem are evident from their strong track record of acquiring users within the industry to date.。Baek Kim, Hashed's general partner, says。"We are excited to be working with the team and deeply resonate with their compliance stance on optimizing regulation and moving into the mainstream of global financial infrastructure."。"

The funding round also attracted strong interest from other leading Web3 ecosystem players。"The Backpack team is a great example of what happens when crypto natives are also powerful builders.。They understand that cryptocurrency is not only the underlying technology, but also the culture that forms around it. "

Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in the digital asset space, said: "For me, when a team finds the intersection of technology and culture, Backpack will achieve the success I expect.。"。

Backpack's fundraiser has also been praised by the Solana ecosystem。"Backpack not only pioneered superior products like Backpack wallets, but also fostered an extraordinary community through Mad Lads."。

"The Backpack team exemplifies what it means to focus on great products and user experiences and iterate relentlessly," said Anatoly Yakovenko, founder of Solana Labs. "We are truly encouraged to watch Backpack build a global exchange that stands out for its user experience and credibility.。"