Backpack Exchange Acquires FTX EU Division
Date: 2025-01-09 Author: Oliver Abernathy Categories: BUSINESS
Backpack Exchange has taken on the task of returning funds to FTX EU users who were affected by the collapse of the platform. According to the company's CEO Armani Ferrante, the main goal is to quickly and safely distribute assets, which is an important step in restoring trust in the cryptocurrency industry.
Backpack Exchange was founded by former FTX and Alameda Research employees. In early 2024, the company closed a Series A funding round, reaching a valuation of $120 million.
FTX EU is planned to be renamed Backpack EU. The updated division will begin operations in the first quarter of 2025, complying with European payments regulations, as well as the requirements of the MiCA regulatory system.
The CEO of the company noted that in the context of many crypto exchanges leaving the European Union, Backpack Exchange demonstrates a commitment to strict regulatory standards. The company aims to develop transparent and secure trading in the European market, which is still underdeveloped.
According to Bloomberg, the deal amounted to about $32.7 million.
