In a detailed thread on X, cryptocurrency exchange Backpack announced that it has started offering official crypto trading services.
Backpack has been founded by FTX’s former general counsel, Can Sun, and former Alameda Research software developer, Armani Ferrante.
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Ex-FTX and Alameda Executives Backed Crypto Exchange Backpack Commences Operations
A new cryptocurrency exchange has recently been introduced to the sector. Named Backpack, the exchange has been launched by Can Sun and Armani Ferrante, the former FTX and Alameda executives.
Discussing its proceedings at length, Backpack took to X to share that it will be starting its exchange services in 11 US states.
Per its official help desk, the exchange is now offering crypto exchange services in California, Wisconsin, Wyoming, and seven other leading US states.
The exchange has already secured relevant licenses to function as a legitimate crypto exchange. Per its latest tweet, Backpack has secured its VASP License from the Dubai Virtual Assets Regulatory Authority (VARA).
Speaking about Backpack’s product launch endeavors, Armani Ferrante, the CEO of Backpack, shared how it will eventually be a gradual process.
Ferrante further tweeted that Backpack gradually intends to expand into other leading US states.
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A Look At Backpack’s Product Offerings
Per its official help desk panel, Backpack intends to establish itself as a robust CEX, operating in “jurisdictions across the world.”
The exchange is currently offering “spot trading with margin trading, derivatives, and cross-collateral, with other advanced trading features coming soon.”
As far as Backpack’s security features are concerned, the exchange touts itself as an enterprise that is frequently audited.
“Backpack’s smart contracts are routinely audited by external security researchers at OtterSec and other independent auditors. Zero-knowledge proof of reserve smart contracts are undergoing their final review and will go live soon.”