Backpack taps Superstate for IPO roadshow tokenization offering, opens waitlist
Crypto exchange Backpack is partnering with Superstate to offer tokenized access to IPO share allocations during roadshows, opening a waitlist for users.Summary
Backpack, a crypto exchange founded by former FTX employees, announced it is collaborating with the crypto tech platform Superstate to integrate tokenized equities into the Initial Public Offering (IPO) roadshow process. Founder and CEO Armani Ferrante explained that this initiative will allow users to gain access to IPO shares earlier than traditional brokerage methods, enabling them to purchase official IPO shares with "real, direct ownership on Solana."
Superstate, founded by Robert Leshner, facilitates this by operating an SEC-registered transfer agent via its Opening Bell platform, which natively tokenizes assets as tokens on Solana and Ethereum, tracking ownership via an official shareholder registry. Backpack has opened a waitlist for this service, noting that user activity and value will enhance Backpack's viability as a venue for capital formation.
This move aligns with a broader trend of crypto exchanges like Binance and Coinbase entering the equities market. Backpack previously raised $17 million in Series A funding and is reportedly in talks to raise $50 million at a $1 billion valuation, while also planning an exchange token launch.
(Source：The Block)