According to CoinMeta, on September 2nd, Backpack US appointed Multicoin Capital's co-founder Kyle Samani as a member of the board of directors in order to expand its compliance financial services in the United States. Samani is an early investor in Solana and has long supported blockchain-based capital markets. He stepped down from the day-to-day management of Multicoin Capital in February 2026 but still maintains an advisory relationship with that venture capital firm. This appointment allows Samani to take on a governance role rather than an executive position within Backpack US. Backpack's CEO, Armani Ferrante, stated that Samani's experience in decentralized networks and crypto regulation makes him a suitable advisor. Backpack describes itself as a financial services group that connects the crypto market with traditional finance, with products including crypto exchanges, self-hosted wallets, and Backpack Securities.