🧐 Backpack finally moving a bit. Every cycle has had dedicated new exchanges that did extremely well. BP is my pick for this narrative this cycle and I wrote in detail about it in the post that is linked.
I think this has a lot of potential but you should've obviously bot this when we were correcting and not now
so far i got decent amount of signups and close to zero trading volume. They havent adjusted my refshare down yet so I still handover the full 35% to sign ups but this will change probably soon due to me not hitting volume treshholds.
Completely fine btw.
If you want to help me just sign up with my link even if you have zero intend to use the exchange for the time being!
good luck
In 2017 I held 100+ coins. Last cycle, a couple dozen. This cycle I'm capping myself at 10 positions total — and I just made my first small-cap allocation.
It's not an AI coin or an L2. It's an exchange trading at roughly 1/100th of Binance's valuation.
Backpack 🎒
The backstory: FTX wiped out ~88% of Armani Ferrante's operating capital. Instead of walking away, he built the exchange FTX should have been — compliant first, everything else second.
The license stack is what got my attention:
VARA (Dubai) + MiCA/MiFID II/PSD2 (all 27 EU states) + Japan JVCEA.
Most competitors, including Binance in the EU, can't match that today.
What's actually different from every other CEX:
1. Your USD collateral earns t-bill yield (3%+, up to ~6.6% at VIP) while you trade against it
2. Free bank wires in your own name. I tested it — sent $175 to Manila, exactly $175 arrived
3. Stake BP for the right to convert tokens into real equity at IPO. Zero VC allocation at launch, 60%+ of supply already staked. Team gets nothing unless the company actually IPOs
4. Real stock trading — actual shares with dividends. Buy TSLA on a Sunday morning, transfer it to your IBKR account later
5. Fees on par with Binance/Bybit, magnitudes cheaper than Coinbase
Valuation: under $600M FDV. Binance and Hyperliquid sit at $60B +. Even reaching Cryptocom's ~$6B would be a 10x.
Now the honest downsides, because there always are some:
- Only 11 US states. No UK, Germany, Australia or Singapore licenses yet
- Thin coin selection, short track record
- The hyper-compliance creates real friction. I couldn't buy or stake BP from my Dubai residency — had to switch to Manila first. That friction will exist in a lot of countries
My plan: ~2.5% of my crypto allocation, DCA through year-end. I'm about 10% filled and buying the dips.
Full transparency: I'm an affiliate and I hold BP plus 5 figures of USD earning yield there. For the first 2 months I'm passing 100% of my cashback to signups — I make exactly zero. Link is in the first reply.
BP isn't listed on a single tier-1 exchange yet. Nobody cares about new exchanges in this market. Historically that's exactly when you want to be looking.
What's the bear case? Genuinely want to hear why I'm wrong.