Cryptocurrency exchange Backpack completed a $17 million Series A funding round at a valuation of $120 million, led by Placeholder VC.

ChainCatcher news, according to Bloomberg, the crypto exchange Backpack has completed a $17 million Series A funding round at a valuation of $120 million, led by Placeholder VC, with participation from Wintermute, Robot Ventures, Selini Capital, Amber Group, and others.

It is reported that Backpack is headquartered in Dubai, and it also offers a cryptocurrency wallet and an NFT series called Mad Lads. The company's CEO and co-founder Armani Ferrante was an early employee at Alameda Research. Another co-founder, Can Sun, was the former legal counsel of FTX. Among the company's 40 employees, five were former employees of FTX.