Solana-based exchange Backpack concludes $17M Series A funding led by Placeholder VC, valuing at $120M. Notable backers include Hashed, Robot Ventures, Amber Group. CEO Armani Ferrante emphasizes trust-minimization in finance. Funds to aid global expansion and product development. Despite being 91st largest exchange, Backpack hit $1B 24-hour volume in days, reflecting maturing industry. Ecosystem includes noncustodial wallet, NFT collection Mad Lads worth $119M.
Mad Lads’ Backpack Exchange closes $17 million Series A led by Placeholder VC
