Backpack, known for its MadLads NFT collections, has acquired the European arm of FTX to offer regulated crypto derivatives throughout the European Union.
Backpack Acquires FTX's European Arm
In a January 7 press release, MadLads NFT creator Backpack confirmed acquiring the European arm of FTX. Under the new acquisition, a full suite of crypto derivatives will be offered across the EU, including perpetual futures. The operation license reactivation is underway, with Backpack EU set to go live in Q1 2025.
Backpack's Platform and European Market Plans
Founded in 2022 by longtime Solana contributor Armani Ferrante, Backpack is a multifaceted platform operating as a cryptocurrency wallet and exchange. Backpack Exchange serves users in over 150 countries and regions, with over $60 billion trading volume. The Backpack ecosystem includes various products, such as the Backpack Wallet and Mad Lads, a prominent NFT collection on the Solana blockchain.
FTX EU's Revival and Client Assurances
With the acquisition, Backpack plans seamless integration with traditional payment systems in the EU, including instant low-cost SEPA payments. Armani Ferrante, CEO of Backpack Exchange, stated: "Becoming a MiFID II-licensed entity affirms our commitment to high regulatory standards and marks a significant step towards secure and compliant crypto trading in the underserved European market." Currently, the operation license is being reactivated, with the Backpack team urging confidence in the renewed FTX EU.
This acquisition strengthens Backpack's position in offering crypto derivatives in Europe and demonstrates the company's intent to securely link crypto markets with traditional financial systems.
