Backpack CEO Armani Ferrante revealed that the company lost approximately $14.5 million during the FTX collapse in November 2022. This amount represented 88% to 90% of the firm's operating capital at the time. Just weeks before the crash, FTX Ventures had co-led a $20 million funding round for the startup.
Despite the loss, the company continued operations and launched a beta exchange in 2023. In early 2024, Backpack secured $17 million in a Series A funding round. By early to mid-2026, the platform reported over 420,000 verified users and a cumulative trading volume exceeding $420 billion.
In January 2025, Backpack acquired the European arm of FTX for $32.7 million. The deal included a MiFID II license and the management of claims for approximately 110,000 former FTX customers. The company now focuses on regulatory compliance and uses independent verification nodes for balance checks.
Ferrante, a former employee of Alameda Research and creator of the Anchor framework for Solana, stated that the crisis defined the company's early development. Backpack currently plans to expand its service offerings to include tokenized equities on the Solana blockchain.
