Former executives of FTX gear up for UK expansion following $17M funding
Former FTX executives are spearheading the expansion of crypto exchange Backpack into the UK, following a successful funding round. With a focus on becoming a major player in the industry, Backpack offers a comprehensive crypto platform that includes trading, wallets, and NFTs. The company’s growth reflects a trend of innovative exchanges entering the market, with a commitment to user-friendly solutions and high standards.
Backpack’s move into the UK is a significant milestone in the crypto space. With $17 million in funding and a valuation of $120 million, the company is well-positioned to revolutionize the industry. Led by CEO Armani Ferrante and co-founder Can Sun, who are seasoned professionals from Alameda Research and FTX, Backpack has solidified its position in the crypto exchange arena.
Beyond being a typical crypto platform, Backpack is an all-encompassing ecosystem that caters to various user needs. In addition to crypto trading and wallet services, the company also offers an exclusive NFT collection called “Mad Lads.” This expansion into the UK, along with the acquisition of a VASP license, demonstrates Backpack’s commitment to global growth and accessibility.
Despite the challenges faced by FTX, Backpack has shown resilience and has amassed over 420,000 confirmed users worldwide. The company’s strategic shift and expansion into the UK signify new opportunities for former FTX executives. As part of a broader trend of innovative exchanges reshaping digital asset trading, Backpack prioritizes user-centered solutions and cutting-edge offers, raising industry standards.
The timing of Backpack’s expansion into the UK is ideal, as the country has shown growing interest in digital assets. The acceptance of Bitcoin and Ethereum ETNs by the London Stock Exchange indicates a favorable environment for Backpack’s entry into the market. With institutional interest in cryptocurrencies on the rise, Backpack is strategically positioned to capitalize on this momentum and play a significant role in shaping the markets.
In conclusion, Backpack’s expansion into the UK marks a milestone in the crypto space. With its comprehensive platform and commitment to user-friendly solutions, the company is poised to become a major player in the industry. As the crypto trading landscape continues to evolve, Backpack’s innovative approach and focus on high standards position it for success in the global market.