Crypto exchange Backpack US officially appointed Kyle Samani, an early Solana investor and co-founder of Multicoin Capital, to its board of directors on September 2, 2026. The addition of this central figure in the Solana ecosystem complements a board lineup previously joined by former SEC acting chairman Michael Piwowar, providing a powerful combination of investment expertise and securities regulation.
According to Backpack CEO Armani Ferrante, Samani thoroughly understands the company’s roadmap to bridge traditional financial markets with blockchain infrastructure. Samani himself has been gradually shifting his focus; he stepped down from day-to-day management at Multicoin last February, though he remains an adviser. He currently serves as chairman of Forward Industries, a publicly traded company pursuing a Solana-based treasury strategy that completed a $1.65 billion private placement from Multicoin, Galaxy Digital, and Jump Crypto in 2025.
Infrastructure for Hundreds of Countries
The arrival of high-profile figures to the board aligns with Backpack’s reported growth claims. The company stated that its services now reach customers in more than 150 countries and territories, with cumulative trading volume exceeding $450 billion. While these milestone figures stem purely from internal company reports and have not been independently audited, Backpack has already proven its operational foothold in the European market. The firm acquired FTX EU and operates through a Cyprus-based entity under the MiFID regulatory framework.
Backpack’s product ecosystem now spans three primary verticals: a standard crypto exchange, a self-custody wallet, and Backpack Securities. The latter combines regulated brokerage services with a tokenization platform. Through this infrastructure, the brokerage offers trading access to private assets and tokenized shares of global tech companies, ranging from SpaceX and Micron to SanDisk and SK Hynix.
Who Leads the Digital Stock Migration
The combination of Piwowar’s SEC oversight background and Samani’s market instincts reinforces Backpack’s intention to navigate compliance rules in the United States. Backpack itself chose not to disclose potential conflicts of interest regarding Samani’s dual role at Forward Industries or his ongoing position at Multicoin Capital.
The battle to bring traditional capital onto blockchain rails is steadily intensifying. Kraken, Backpack’s primary competitor, recently opened access to more than 7,000 U.S. stocks for eligible European clients. Kraken’s move and Backpack’s board appointments demonstrate that crypto exchange competition is no longer limited to battling for digital token trading volume, but is racing for the leading position as the main bridge between traditional capital markets and the Web3 world.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
