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Former FTX and Alameda executives propel Backpack crypto exchange across America

TL;DR

  • FTX and Alameda alumni-led Backpack expands into 11 states.
  • Regulatory compliance strengthens Backpack’s credibility in the market.
  • Strategic funding boosts investor confidence in Backpack’s future.

Crypto exchange Backpack, established by former executives from FTX and Alameda Research, has announced the expansion of its services to users across 11 U.S. states. 

The exchange, currently in beta, is making significant strides in solidifying its presence in the American market.

Backpack crypto exchange expands across 11 U.S. States

Backpack revealed through an X thread that it has commenced offering services to users in 11 U.S. states, including California, Colorado, Wisconsin, Wyoming, and seven others. This expansion marks a crucial step for the exchange as it aims to deepen its footprint in the U.S. crypto market.

Founded by Can Sun, former general counsel at FTX, and Armani Ferrante, previously a software developer at Alameda Research, Backpack has quickly gained traction in the industry. Ferrante, now serving as the CEO of Backpack, expressed ambitions to further bolster the exchange’s presence in the U.S., although specific timelines were not disclosed.

Backpack regulatory milestone and funding surge

The exchange has obtained the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), highlighting its commitment to regulatory compliance and transparency.

Backpack garnered attention in September 2022 when it raised $20 million in funding through blockchain firm Coral. The investment was aimed at evolving Backpack into a digital wallet for executable non-fungible tokens (xNFTs), described as “analogous to WeChat mini-programs.” 

The funding round was co-led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other strategic investors.

In November 2023, reports surfaced indicating Backpack’s intention to sell a 10% stake, valuing the exchange at over $100 million. This move signifies the growing confidence among investors in Backpack’s potential and its strategic positioning within the crypto industry.

Future outlook

As Backpack continues to expand its services and strengthen its foothold in the U.S., it remains focused on delivering innovative solutions to its users while upholding the highest standards of security and regulatory compliance. 

With a seasoned team of industry veterans at the helm, the exchange is poised for further growth and success in the dynamic landscape of the cryptocurrency market.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

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