Written by 16:20 Tech News Views: [tptn_views]

Three Key Insights From Backpack’s Crypto Rollercoaster Journey in 2022

Everyone loves a good startup tale. They’re usually a combination of determination, innovation, risks, and sometimes, losses. Meet Backpack, a promising crypto exchange and wallet builder whose thrilling journey since its inception last year is worth exploring. Following its recent rollercoaster ride is beneficial, not just for crypto enthusiasts, but any determined startup founder ready to brave the storm.

1. The Silver Lining Despite The Collapse

Backpack began its journey with a bang. Their successful $20 million strategic investment round was co-led by FTX in September 2022. Just when everything seemed green, FTX met an unexpected downfall, evaporating a startling 80% of Backpack’s operating capital overnight. However, it’s how Backpack weathered this unforeseen storm that brings forth a commendable lesson of resilience for all startups.

2. Resilience is The Key To Survival

Facing colossal financial disruption could break the spirit of any emerging company. But what sets Backpack apart is its unwavering resilience in the face of adversity. The FTX crash happened less than two months after this significant investment round. Still, they continued to stay on course despite a severe blow that might have deterred less committed businesses.

3. Backpack’s Pheonix Story

Since FTX’s collapse, Backpack didn’t just manage to stay afloat; they remarkably experienced robust growth, creating an inspiring comeback story in the crazy rollercoaster of a year that was 2022. Rather than becoming a direct victim of the downfall, Backpack’s tale is a testament to a never-surrender attitude and the ability to adapt to situations with agility and fortitude.

In conclusion, Backpack’s journey serves as an encouraging narrative for all ambitious startups out there. It shows that they can navigate unexpected bumps in the road, remain resilient, and even thrive in the face of adversity. For all crypto enthusiasts or investors, it portrays the volatility of the industry while simultaneously presenting a story of hope and determination. Keep an eye on Backpack, because with such resilience, who knows where they’ll fly next.

Credit: BBC. TechCrunch, Reuters