Backpack, a crypto exchange established by former FTX executives, has recently extended its services to 11 US states. This move comes at a time when global crypto regulations are becoming increasingly stringent, prompting companies in the sector to adapt and expand their reach.
CEO Armani Ferrante expressed his excitement about entering the US market, emphasizing the company’s commitment to building a strong presence in the country. He acknowledged the challenges ahead but remained optimistic about the long-term benefits of this expansion. Ferrante’s message to residents in states where Backpack is not yet available was one of reassurance, promising to gradually reach all states in due time.
Currently in its beta phase, Backpack primarily facilitates spot trading but has plans to diversify into derivatives and margin trading in the future. The company aims to set itself apart from traditional exchanges by offering non-custodial-based trading, a feature that appeals to many users in the crypto space. With a reported $1 billion in daily trading volume, Backpack is poised for growth and innovation.
The co-founders of Backpack, Can Sun and Armani Ferrante, both bring valuable experience from their time at FTX and Alameda Research, respectively. Sun’s role as a crucial witness in a high-profile trial shed light on potential wrongdoings within the industry, showcasing his commitment to upholding ethical standards. Ferrante’s previous venture, Coral, faced challenges following FTX’s collapse, but his resilience and determination drove him to establish Backpack Exchange.
Backpack Exchange holds multiple licenses in various jurisdictions around the world, including the UAE, Australia, Lithuania, and the United States. This demonstrates the company’s commitment to regulatory compliance and adherence to industry standards. With registrations as a Money Services Business in the US and a Digital Currency Exchange provider in Australia, Backpack has positioned itself as a reputable player in the crypto market.
Backpack Exchange’s expansion into the US market marks a significant milestone for the company and the crypto industry as a whole. With a focus on innovation, regulatory compliance, and customer satisfaction, Backpack is poised to become a leading exchange in the digital asset space. As the company continues to grow and evolve, it will be interesting to see how it navigates the challenges and opportunities that lie ahead.
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