Backpack completes $17 million strategic Series A funding round led by Placeholder, with a valuation of $120 million.

According to official sources on February 28th, Backpack has completed a strategic Series A funding round with a valuation of $120 million and raised $17 million. Placeholder led the funding round with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, and Delphi Digital, as well as individual investors including the founder of Solana and other Solana ecosystem project founders such as Jito, Zeta Market, Drift, Monad, and Galxe. The Backpack ecosystem consists of various products and services, including the popular Backpack non-custodial wallet, the regulated global crypto exchange Backpack Exchange, and the Solana ecosystem blue chip NFT Mad Lads. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, and the executable NFT (xNFT) token standard. Anatoly Yakovenko, co-founder of Solana Labs, said, "Backpack has not only created excellent products such as Backpack Wallet, but also cultivated an outstanding community through Mad Lads. Founder Armani and the Backpack team have demonstrated what it means to focus on building excellent products and user experiences in the long term."