The Rise of Backpack: How Former FTX Execs Are Redefining Crypto in the UK

The post The Rise of Backpack: How Former FTX Execs Are Redefining Crypto in the UK appeared first on Coinpedia Fintech News

Backpack, led by former FTX and Alameda Research executives, has just expanded to the UK, signaling a significant stride in the crypto space. With $17M funding secured and a $120M valuation, they’re ready to revolutionize the crypto landscape!

Strategic Expansion and Funding Success

In a strategic move, Backpack’s foray into the UK follows a triumphant $17 million funding round, cementing its position as a strong player in the crypto exchange arena. Spearheaded by CEO Armani Ferrante and co-founder Can Sun, both seasoned professionals from Alameda Research and FTX, Backpack has swiftly gained recognition, boasting a valuation of $120 million.

Backpack is a unique platform that can meet the needs of a wide range of users. It offers a complete environment for crypto trading, wallet services, and an NFT collection called Mad Lads. As a result of its success in Dubai and the purchase of a VASP licence, Backpack’s move into the UK shows its dedication to global growth and accessibility.

Seizing Global Opportunities

Even though FTX’s downturn has caused problems, Backpack has shown that it can bounce back, getting over 420,000 confirmed users around the world. The move into the UK is a strategic shift for former FTX executives who are taking advantage of new possibilities that have come up since FTX went out of business.

With new standards, Backpack’s growth fits in with a larger trend of new, innovative exchanges joining the market and changing how digital assets are traded. Backpack is an example of a new wave of exchanges that are driving innovation and setting higher standards in the industry by putting user-centered solutions and cutting-edge offers first.

The UK’s increasing interest in digital assets, like Bitcoin and Ethereum, is highlighted by recent moves such as the London Stock Exchange’s acceptance of Bitcoin and Ethereum ETNs. This trend emphasizes the perfect timing for Backpack’s expansion. With institutional interest in cryptocurrencies rising, Backpack is in a prime position to take advantage of this momentum and play a significant role in shaping the evolving crypto landscape.