Backpack Raises Series A Investment from Hashed for Solana-Based Blockchain Expansion
The Solana-based blockchain company Backpack has attracted Series A investment from Hashed. In this Series A round, amounting to a total of $17 million (approximately KRW 23 billion), Backpack was valued at an enterprise value of $120 million (approximately KRW 160 billion). The round was led by the New York-based investment firm Placeholder VC, with participation from the domestic blockchain investment firm Hashed, Robot Ventures, Amber Group, Wintermute, Selini Capital, and Delphi Digital.
Backpack contributes to the growth of the Solana ecosystem by developing solutions such as xNFTs (executable NFTs), the Backpack exchange, the Backpack wallet, and the Mad Lads NFT collection on the Solana chain. The xNFT developed by Backpack is a differentiated token standard on the Solana chain that allows users to execute tokenized computer code, offering rights beyond proving ownership of digital assets. It is notable for its higher practicality and scalability compared to existing NFTs.
The Backpack wallet, a non-custodial cryptocurrency wallet, is designed to facilitate the smooth operation of the xNFT system. It enables users to fully manage their private keys, thereby helping to protect their assets from hacking.
Integrated seamlessly with the Backpack wallet, the Backpack exchange is a global cryptocurrency exchange holding licenses from various regulatory authorities around the world. It is popular among users for its adherence to compliance, speed, and security. Notably, it surpassed a daily trading volume of $1 billion (approximately KRW 1.336 trillion) just four days after starting preseason trading.
Additionally, Backpack holds the Mad Lads NFT collection, recognized as one of the top NFT collections in the Solana ecosystem. Last year, the collection saw transactions worth $24.5 million (approximately KRW 32.1 billion).
Baekgyum Kim, a partner at Hashed who facilitated the investment, commented, “Backpack is a team specialized in enhancing the user experience, with a deep understanding of the community and an exceptional ability to develop solutions that adhere to compliance standards.” He further expressed, “We deeply resonate with their commitment to uphold optimal compliance standards to enter the mainstream global financial infrastructure.”
Armani Ferrante, CEO of Backpack, remarked, “Although the history of finance is tarnished by scandals, Backpack aspires to be a force for innovation. Over the past few years, Backpack has been preparing the groundwork for establishing a blockchain-based financial institution, and with this investment, we aim to turn a new page in the blockchain industry, with a fundamental emphasis on compliance.”
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