Backpack, a burgeoning crypto exchange created by former executives of the now-defunct FTX and Alameda Research, has brought on Oliver Sleafer as its Chief Financial Officer (CFO). Sleafer’s extensive background in finance and liquidity management, including his previous roles at Stripe and Credit Suisse, positions him as a key asset for the company’s future growth.
Founders with a Vision
Armani Ferrante and Trian Yver, the brains behind Backpack, come from a lineage of cryptocurrency and trading, having previously worked at Alameda Research and FTX, both central to Sam Bankman-Fried’s fallen crypto empire. Despite the collapse of their former companies at the end of 2022, Ferrante and Yver swiftly pivoted to launch Backpack, aiming to carve out a new space in the crypto exchange market.
Strategic Funding Moves
In a notable stride towards establishing its foothold, Backpack has recently secured $17 million in Series A funding, propelling its valuation to $120 million. This achievement comes after FTX’s involvement in a $20 million funding round for Backpack developer Coral, which, due to FTX’s eventual downfall, largely failed to materialize.
Sleafer’s Role and Experience
Oliver Sleafer joined the Backpack team in October as head of treasury, bringing with him a wealth of experience from his tenure at Stripe, where he managed liquidity for the Asia-Pacific region. Prior to that, he held a similar position at Credit Suisse for five years, underscoring his expertise in navigating the complex financial landscapes of banking and payment processing.
A New Chapter for Backpack
With Oliver Sleafer’s appointment as CFO, Backpack aims to leverage his experience and insights to steer the company through the evolving and often tumultuous crypto market landscape. As the crypto exchange moves forward, the leadership of seasoned professionals like Sleafer, combined with the innovative vision of its founders, sets the stage for Backpack’s potential success and resilience in the competitive cryptocurrency exchange arena.
