Backpack Enters European Market with FTX EU Acquisition and Crypto Derivatives

user avatar

by Giorgi Kostiuk

2 years ago

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

Winklevoss Asset Services Submits S1 for Zcash ETF

Winklevoss Asset Services has filed an S1 registration statement with the SEC for the Winklevoss Zcash ETF, aiming to provide direct exposure to ZEC.

user avatarKofi Adjeman

Kraken Pro Launches PreIPO Challenge for Oura and Moonshot Perpetual Futures

Kraken Pro has launched a trading competition for perpetual futures linked to Oura and Moonshot, running from October 6 to November 6, with a $10,000 prize pool based on trading volume.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.