New crypto exchange Backpack started by former FTX and Alameda execs

Crypto exchange Backpack established by ex-FTX, Alameda Research executives is now offering services to customers in several U.S. states.

In an X thread on Feb. 21, crypto exchange Backpack announced it has started offering services to users from 11 U.S. states as the exchange deepens its presence on the American market. According to the exchange’s help center, Backpack is now offering services in California, Colorado, Wisconsin, Wyoming and seven other US states.

USA

Welcome to Backpack Exchange.

We’re going live in 11 states. pic.twitter.com/k1a0SR0yQG

— Backpack 🎒 (@Backpack) February 21, 2024

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Founded by FTX‘s former general counsel, Can Sun, and ex-Alameda Research software developer Armani Ferrante, Backpack, which is currently in beta, has already secured the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

Ferrante, who now serves as the CEO of Backpack, expressed intentions to further solidify the exchange’s presence in the U.S., although specific timelines were not disclosed.

If we don’t support your state yet, hold on. We’ll get there. This is something that will take years to complete. But we’re committed to doing it right.

Brick by brick. 🧱

— Armani Ferrante (@armaniferrante) February 21, 2024

In September 2022, Backpack raised $20 million via blockchain firm Coral to evolve as a digital wallet for executable non-fungible tokens (xNFTs), which the firm described as “analogous to WeChat mini-programs.” The funding was co-led by FTX Ventures and Jump Crypto with participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other strategic investors. In November 2023, the Wall Street Journal learned that Backpack was looking to sell a 10% stake that would value it at over $100 million.

Read more: PYTH down 12% days after Backpack airdrop

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