FTX, Alameda Alums Raise $17 Million for Crypto Exchange Startup

A group of former FTX and Alameda Research employees have raised $17 million to build out a crypto exchange called Backpack, joining the ranks of startups seeking to fill a gap left by the collapse of their former employer Sam Bankman-Fried’s crypto empire.

Backpack, a Dubai-based company which also offers a crypto wallet and an NFT collection called Mad Lads, said it reached a $120 million valuation with the Series A round. Armani Ferrante, its chief executive officer and co-founder, was an early employee of Alameda Research. Another co-founder, Can Sun, was FTX’s former general counsel. Five of its 40-person ...