Backpack, a cryptocurrency exchange and wallet platform founded by former FTX and Alameda Research personnel, has launched a new offering allowing users to trade tokenized shares of SEC-registered U.S. stocks. This rollout follows a recent surge in controversy after some users reported deposit irregularities during a volatile market period.
In collaboration with fintech company Superstate, led by Robert Leshner, Backpack integrated the Opening Bell platform to enable eligible non-U.S. users to buy, sell, and margin trade on-chain versions of actual company shares. Unlike many existing tokenized stock products that rely on synthetic representations, Superstate’s tokens correspond to genuine equity, granting holders dividend entitlements and voting rights identical to traditional stock ownership.
While Backpack has not disclosed the full list of tokenized stocks available at launch, it promises further details will be made public in the coming weeks. This initiative sets Backpack apart from most players in the tokenized equities market, which is heavily dominated by synthetic offerings from key fintech platforms such as Robinhood and centralized exchanges like Kraken. According to industry analysis, Backed Finance (Kraken’s tokenized stock partner) and Ondo Finance collectively hold approximately 95% of tokenized stock market share through Ethereum-based synthetic assets linked to major U.S. tech companies and ETFs.
Superstate’s approach focuses on asset-backed tokens representing actual shares, exemplified by their recent issuance of stock tokens for crypto sector entities such as Galaxy Digital and SharpLink, founded by Joseph Lubin.
Backpack faces scrutiny due to its leadership’s association with FTX and Alameda Research. The exchange is ranked 36th among centralized crypto exchanges by CoinGecko, reporting nearly $120 million in 24-hour trading volume. CEO Armani Ferrante, an early Alameda employee, established Backpack along with Can Sun, former general counsel at FTX, who currently oversees legal and compliance functions. In January, the company acquired FTX’s EU-licensed division as part of its expansion.
The tokenized stock launch coincides with user concerns related to a major liquidation event on October 10, which saw over $19 billion wiped from crypto positions across various platforms. During the ensuing market turbulence, some Backpack users alleged that deposits made after liquidation events vanished without explanation.
Responding promptly, Ferrante clarified in an October 12 message on X (formerly Twitter) that Backpack never accesses users’ unrealized profits or losses. He explained that certain deposits were made into accounts still undergoing settlement due to bankrupt positions from losing traders. This “settlement” process automatically transfers funds from losing to winning contracts in a perpetual futures structure. Affected users who deposited during this interval saw their funds firsthand applied to settle opposing accounts.
Ferrante assured the community that all positions have been fully settled without compromising user funds, stressing that the exchange maintains a fair and transparent settlement mechanism. He encouraged any user experiencing unexpected issues or who deposited during the settlement phase to contact Backpack’s support team for assistance.
This motion to offer SEC-registered tokenized shares amidst ongoing market challenges marks a notable step for Backpack as it seeks to differentiate itself in the competitive world of crypto-financial services while simultaneously managing operational hurdles inherited from its founders’ FTX-linked history.
