In brief
- Backpack plans to offer equity to users that stake its upcoming token.
- But they will also need to become a VIP at the exchange, co-founder Can Sun said.
- The exchange is preparing to register the tokens as securities in a “worst case scenario.”
Not long after Backpack teased last Monday that its upcoming token would enable users to earn equity in the crypto exchange, people from across the industry began reaching out with the exact same question, according to co-founder and Chief Compliance Officer Can Sun.
Everyone wanted to know how the arrangement was structured in a way that wouldn’t turn the token into a security, he told Decrypt. And the answer involves a strategic separation between the digital asset’s capabilities…
