Backpack, a crypto exchange based in Dubai and managed by ex-FTX and Alameda Research leaders, has announced its expansion into the UK. This move follows a successful funding round and is a significant milestone for the growing exchange. So, let’s explore Backpack’s expansion development and its implications for the crypto industry.
Backpack Expands Global Foothold With UK Expansion
Backpack Exchange, spearheaded by former FTX and Alameda Research employees, has set its sights on the UK market, showcasing its rapid growth trajectory since its inception. With a recent funding round securing $17 million, Backpack has positioned itself as a formidable player in the crypto exchange landscape.
Founded by CEO Armani Ferrante, a veteran of Alameda Research, and co-founder Can Sun, formerly of FTX, the crypto exchange has already amassed a valuation of $120 million. Notably, several crypto market watchers have lauded the recent announcement of Backpack expanding its services to the UK, as witnessed by the interactions on the X platform.
Meanwhile, the move to expand into the UK follows Backpack’s successful establishment in Dubai and its acquisition of a virtual-asset service provider (VASP) license. The exchange’s multi-faceted approach, offering not only crypto trading but also a crypto wallet and an NFT collection called Mad Lads, has garnered significant attention within the crypto community.
Despite challenges stemming from the collapse of FTX, Backpack has navigated the competitive landscape with resilience and innovation, attracting over 420,000 verified users globally.
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Global Expansion Amid FTX Downfall
Backpack’s expansion into the UK marks a strategic move to tap into new markets and diversify its user base. In the wake of FTX’s demise, former executives have seized the opportunity to carve out their niche in the crypto exchange sphere.
In other words, with a focus on addressing the evolving needs of crypto traders and investors, Backpack exemplifies a new wave of exchanges setting higher standards in the industry.
Meanwhile, the launch of Backpack in the UK aligns with a broader trend of new exchanges entering the market following FTX’s collapse. With its user-centric approach and innovative offerings, Backpack is poised to leave a lasting impact on the evolving landscape of digital asset exchanges.
Besides, the news comes amid the UK’s expanding focus on digital assets. For context, the London Stock Exchange (LSE) has recently announced that it will accept Bitcoin and Ethereum Exchange Traded Notes (ETNs) requests. Notably, the move aligns with growing institutional interest and follows the FCA’s new stance on crypto ETNs.
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