In a recent development, an NFT wallet app, Backpack has announced new additions to its plans for a new cryptocurrency exchange in Dubai. The announcement has led to a mammoth increase in the valuation of Solana’s Mad Lads NFTs.
Quick Take:
- Mad Lads NFTs reach an all-time high floor price of over $4,400.
- The launch of Backpack Exchange and the rise of SOL helped Mad Lads achieve its ATH.
- Former FTX General Counsel Can Sun joins the Backpack exchange.
The Backpack wallet app is based on Solana which has led to the price increase of a linked NFT project, Mad Lads NFTs. As per the latest data and reports, the NFT collection has surged to an all-time high price amid these developments.
As of now, Mad Lads NFTs are starting at a price of around 82 SOL on different marketplaces. This figure accounts for over $4,400 as per the market price of Solana. This is twice the previous all-time high of Mad Lads NFTs before the start of November.
The rise of SOL has also been a major reason for Mad Lads’ new high. The token has gained around 150% in just the last month. All of this led to an increase in the price of Mad Lads NFTs.
The Backpack Exchange has already received a Virtual Asset Service Provider license in Dubai which means it can provide its services in the region. However, now the exchange is revealing its further plans and roadmap. It has also opened up early signups for users, with its waitlist touching 90,000.
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As per the latest news, the company has named former FTX General Counsel Can Sun as the Head of the exchange. Just a few weeks ago, Sun testified in court against the ex-CEO of FTX, Sam Bankman-Fried. SBF was found guilty on seven charges of fraud.
Nonetheless, Sun agreed to cooperate with the prosecutors and also signed a non-prosecution agreement. He is now aiming to move on with his career by joining Backpack Exchange. Moreover, he is also joined by the former Alameda Research software developer, Armani Ferrante.
The exchange plans to sell a 10% stake in the company to investors at a valuation of over $100 million. Ferrante is a minority shareholder in the exchange, with his wife, Claire Zhang, also holding a stake. Zhang was the deputy of Can Sun at FTX.
Backpack Exchange will conduct its business in a different manner when compared to the FTX exchange, as it will allow users to have self-custody of their funds. It is further reported that the beta version of the exchange will be launched by the end of November.
