Backpack exchange reaches $1 billion unicorn valuation on tokenization push: Axios

Cryptocurrency exchange and wallet provider Backpack has reportedly reached a $1 billion valuation, achieving ‘unicorn’ status amid a strategic pivot toward asset tokenization. According to reports from Axios, the firm’s surge in valuation follows a successful funding round driven by investor interest in its expanding ecosystem. Backpack, which gained prominence through its deep integration with the Solana blockchain and the launch of the Mad Lads NFT collection, is now focusing on the burgeoning field of real-world asset (RWA) tokenization. By leveraging its regulated exchange infrastructure, the company aims to bridge the gap between traditional financial markets and decentralized finance. This milestone highlights the growing market demand for platforms that provide compliant gateways to on-chain assets, positioning Backpack as a key player in the next generation of digital asset infrastructure.

Source: Backpack exchange reaches $1 billion unicorn valuation on tokenization push: Axios