In 2022, Backpack Exchange acquired the European arm of the failed FTX exchange, FTX EU. Their plans promise significant development in the European cryptocurrency market.
Backpack Exchange’s Vision for a New Start in Europe
Backpack Exchange, a crypto exchange and wallet platform founded by former FTX and Alameda employees, has set ambitious growth targets. The company secured a valuation of $120 million in its Series A funding round in 2024 and enhanced its prospects in Europe with a MiFID II license.
Rebuilding After the FTX Collapse
Armani Ferrante, one of the founders of Backpack Exchange, had previously raised $20 million to establish an infrastructure company named Coral. However, a significant portion of the funds was lost during the FTX collapse. Coral later helped develop Backpack’s trading and wallet technologies.
Ambitious Plans and Growth
Backpack EU, slated to launch in the first quarter, will facilitate SEPA payments and support remittances in major European currencies. Additionally, it will offer cryptocurrency derivatives and perpetual contracts.
Following the collapse of FTX, Backpack Exchange represents a new approach to development with innovative solutions that could significantly impact the European cryptocurrency market.
