Staking tokens for company equity? Backpack Exchange has announced a new token utility: users who acquire the platform's tokens can choose to stake them for one year and convert those tokens into company equity, which will unlock for circulation after the company goes public. Currently, Backpack has allocated 20% of its equity for this initiative. It’s unclear whether the equity will be unlocked in the form of tokenized stocks once the company goes public. This also means Backpack will be the first crypto exchange globally to offer users participation in company equity. Their latest institutional valuation is $1 billion. Back in February, Backpack’s CEO stated that the company is fully committed to advancing its U.S. IPO plans, and the team’s own platform tokens will only be considered for unlocking after the company goes public.