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Deep Tide TechFlow News, February 24 — According to Decrypt, cryptocurrency exchange Backpack plans to allow holders of its upcoming token to earn company equity through staking. According to Backpack CEO Armani Ferrante’s statement on social media, users who stake the token for at least one year can exchange it for company equity at a fixed ratio. Currently, the company has reserved 20% of its equity for this plan.
Ferrante stated that this move aims to improve the existing model, as many projects have failed to fulfill promises supporting utility-based tokens. The exchange has not announced the token issuance date but has required users to verify their personal information to determine eligibility.