In brief
- Staking Backpack’s upcoming token will let users earn equity in the crypto exchange.
- The arrangement is aimed at improving on existing models for token debuts.
- The exchange is in discussions to raise funds at a $1 billion valuation, per a recent report.
Backpack signaled on Monday that its yet-to-be-released token will allow people to earn equity in the exchange, potentially turning users into owners amid its U.S. expansion.
Those that stake the company’s token for at least a year will have the opportunity to exchange their holdings for Backpack equity at a fixed ratio, CEO Armani Ferrante said on X. The company has currently set aside 20% of its equity for the initiative, he added.
Ferrante said the move is aimed at…
