Backpack CEO: Team Tokens All Stored in Company Treasury, Token Release Will Be Fully Tied to Product Growth

Odaily News Backpack CEO Armani Ferrante stated on platform X that the core principle of Backpack's token economic model is to avoid "insiders dumping on retail investors." By design, founders, executives, employees, and venture capital investors should not receive wealth returns through tokens before the product achieves key growth milestones. Backpack currently defines "reaching escape velocity" as achieving the goal of a US IPO. The IPO may be realized relatively quickly or slowly, and there is even a possibility it may not be achieved, but it will still serve as the long-term strategic direction. Regarding the growth strategy, currently Backpack Exchange only covers about 48% of the global market. The company has chosen to gradually open regional markets with a compliance-first approach, including building global banking channels, US dollar customer fund accounts, localized fund systems for euros and yen, and expanding capabilities in securities and traditional financial products. The goal is to serve both retail users and compliant institutional clients.

Regarding the token distribution mechanism, Backpack stated that circulating tokens will be primarily allocated to users and tied to key product and market expansion milestones, such as opening new regions or launching new products, to drive user growth and ecosystem expansion. The company emphasized that the growth value brought by new token releases must consistently outweigh the potential dilution impact. Furthermore, Backpack stated that it has not directly allocated tokens to the team or investors. The team's related share will be stored in the company's corporate treasury and locked for at least one year post-IPO. The team's long-term incentives are primarily achieved through holding company equity. The company holds a significant proportion of the token supply, with the long-term goal of building a comprehensive financial platform that integrates crypto and traditional finance on a global scale.