backpack exchange doing $100m+ annual revenue at a $60m market cap. 0.6x revenue multiple with 78% YoY growth. cross-asset collateral just went live, letting you margin trade tokenized stocks against crypto positions in a single account with 10 second settlement. coinbase trades at 15x revenue for comparison. BP has 75% of supply still locked which cuts both ways but the 20% exchange equity offer to 1 year stakers is a tokenomic structure i haven't seen anyone else attempt. MiFID II license, DTCC list for october, surpassed kraken perp volume with 25 pairs vs 391. the unified margin engine that runs perps, stocks, lending, and prediction markets through one liquidation waterfall is genuinely new infrastructure. zero fees all june is going to stress test whether user acquisition converts to retention once fees return
Not what weโre doing. The tokenization models you described (excluding superstate) are great, but they are insufficient by themselves, because you donโt actually own the security entitlement. Statutory rights do not apply to you the holder. You pay too many taxes ๏ผin your case double which is just absurd). Ultimately if you buy USA stocks, you want USA law. You need to subject yourself to USA courts. The IRS. All sorts of things. Most non USA companies donโt want to do that. Hence why they end up building an incomplete product. So what is Backpack doing? Youโll see soon. Long story short, these issues wonโt apply to us. Youโll actually own the stock. IBKR/Robinhood style. You will have the correct tax rate. And the legal substance you would expect in a traditional stock product without gimmicks.
Will share more on this soon. Itโs been over three years in the making to get to this point, but the holy trinity has been achieved. The only other exchange in the world that has gotten regulated perps, spot, and payments live in the EU is Kraken. The other will be Backpack. Weโre coming Europe.
With the CFTC putting the full force of law behind regulated perps, with the SEC bringing securities onchain, with the biggest IPO in history about to pop, get ready, because it's time to go.