Global cryptocurrency exchange Backpack has officially launched trading for its native BP token, marking a significant milestone for the platform. Trading and withdrawal functionality became available simultaneously starting at 12:00 p.m. UTC on March 23, 2026, a departure from industry norms where withdrawals are often delayed after listing events.
The token generation event (TGE) involves the distribution of 25% of the total 1 billion BP supply—approximately 250 million tokens. This initial allocation is primarily directed toward existing platform users: 24% is allocated to points holders who accumulated rewards through trading activities, while 1% is reserved for holders of the "Mad Lads NFT collection." Notably, the company stated that no tokens have been allocated to founders, team members, or investors at inception, a significant departure from typical exchange token rollouts.
The remaining 75% of the supply will be unlocked according to a multi-phase schedule. 37.5% of tokens are set to unlock over time based on operational milestones, such as market expansion or product launches. Another 37.5% will remain locked in a corporate treasury until after a potential initial public offering (IPO). Furthermore, Backpack announced that long-term stakers may eventually be able to convert BP tokens into company equity, linking the token's utility to the firm's broader capital markets strategy.
The BP token operates on the Solana blockchain, aligning with Backpack's technical infrastructure preferences. The exchange, founded by former FTX and Alameda Research employees, has positioned itself as a regulated entity, operating under licenses including Dubai's Virtual Assets Regulatory Authority (VARA) framework. It also acquired the European arm of the defunct FTX exchange, relaunching it as Backpack EU.
Industry analysts note that the immediate availability of withdrawals signals strong technical infrastructure and regulatory compliance. The launch enters a competitive landscape where exchange tokens collectively represent approximately $80 billion in market capitalization.
