Backpack Exchange announced its acquisition of the European arm, FTX EU, strengthening its market position. This strategic move aims to advance regulated crypto trading in Europe.
A Game-Changer for the European Crypto Market
The acquisition of FTX EU is a significant move for Backpack Exchange, approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). This step allows the company to offer innovative solutions in a highly regulated market.
Launch Timeline and Product Offerings
Backpack EU is expected to go live in the first quarter of 2025, pending the reactivation of its MiFID II license. The new entity will integrate traditional payment systems for seamless transactions. The following offerings are planned:
- Perpetual Futures: A regulated offering filling a significant gap in the European market. - Comprehensive Crypto Derivatives: Tailored for institutional and retail traders seeking secure trading environments. - Enhanced Payment Rails: Supporting instant, low-cost transactions in major currencies.
Restoring Trust and Future Outlook
As part of the acquisition, Backpack EU will oversee the distribution of funds owed to FTX EU customers under the court-approved bankruptcy claims process.
The acquisition of FTX EU not only strengthens Backpack's position in the European cryptocurrency market but also significantly contributes to restoring trust in the sector amid recent events.
