Backpack, the Dubai-based crypto exchange led by former FTX and Alameda Research executives, has made waves once again with its latest announcement of expanding its services to the United Kingdom. Notably, this development comes on the heels of a successful funding round and marks a significant milestone for the burgeoning exchange.

So, let’s delve into the details of Backpack’s expansion and its impact on the crypto market.

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.

Also Read: HKMA Introduces Regulatory Sandbox for Stablecoin Issuers

The post Former FTX Execs’ Backpack Crypto Exchange Expands Services To UK appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am