New crypto exchange Backpack started by former FTX and Alameda execs

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Crypto trade Backpack established by ex-FTX, Alameda Analysis executives is now providing companies to clients in a number of U.S. states.

In an X thread on Feb. 21, crypto trade Backpack introduced it has began providing companies to customers from 11 U.S. states because the trade deepens its presence on the American market. In line with the trade’s help center, Backpack is now providing companies in California, Colorado, Wisconsin, Wyoming and 7 different US states.

Based by FTX‘s former basic counsel, Can Solar, and ex-Alameda Analysis software program developer Armani Ferrante, Backpack, which is at the moment in beta, has already secured the Digital Asset Service Supplier (VASP) license from the Dubai Digital Property Regulatory Authority (VARA).

Ferrante, who now serves because the CEO of Backpack, expressed intentions to additional solidify the trade’s presence within the U.S., though particular timelines weren’t disclosed.

In September 2022, Backpack raised $20 million by way of blockchain agency Coral to evolve as a digital pockets for executable non-fungible tokens (xNFTs), which the agency described as “analogous to WeChat mini-programs.” The funding was co-led by FTX Ventures and Soar Crypto with participation from Multicoin Capital, Anagram, K5 World, Frictionless, and different strategic buyers. In November 2023, the Wall Road Journal learned that Backpack was seeking to promote a ten% stake that might worth it at over $100 million.

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