The European Arm of FTX Sold to Backpack Exchange for $32.7 Million
In a significant development in the world of cryptocurrency trading, FTX EU, the European arm of Sam Bankman Fried’s now-bankrupt trading empire, has been sold to Backpack Exchange, a crypto trading company founded by former Alameda Research and FTX employees. This acquisition marks a major milestone for Backpack Exchange, which will now have a presence in the European market, offering a full suite of cryptocurrency derivatives.
The sale price of $32.7 million is a significant investment for Backpack Exchange, but one that is likely to pay off in the long run. With this acquisition, Backpack Exchange will be able to capitalize on its position as the only regulated perpetual futures provider across Europe. According to Armani Ferrante, CEO of Backpack Exchange, the company’s new European arm will offer a full suite of crypto derivatives throughout the EU.
One of the key benefits of having a MiFID II-license is that it allows firms to also offer cryptocurrency services under Europe’s new Markets in Crypto Assets (MiCA) regime. Currently, Bitstamp and Coinbase have received their MiFID II licenses, while D2X, based in the Netherlands, has also received a license and plans to deliver USD-denominated futures and options early this year. Other new entrants are also vying for dominance in the crypto derivatives market, aiming to shift it away from Panama-based centralized exchange Deribit.
Backpack’s Ferrante is confident that his company will be able to capitalize on its position as a regulated perpetual futures provider. "Even though a few firms have been able to acquire approval for a limited form of a derivatives license, we’re not aware of any players that currently offer perpetuals and are live in the EU, including Coinbase and Bitstamp," Ferrante said via email. "Once we return FTX EU customers’ funds, we’re excited to begin serving a regulated perpetual futures product as a priority."
A full suite of products is being worked on by Backpack Exchange, although some of these may not roll out in Q1. Ferrante emphasized that the company’s focus will be on delivering a high-quality experience for its customers. "We’re committed to providing our customers with the best possible service and ensuring that they have access to all the tools and resources they need to succeed," he said.
The acquisition of FTX EU by Backpack Exchange is a significant development in the world of cryptocurrency trading. With its new European arm, Backpack Exchange will be well-positioned to take advantage of the growing demand for regulated perpetual futures products. As the company continues to expand its offerings and services, it’s likely that we’ll see even more innovation and growth in the crypto derivatives market.
Backpack Exchange: A Company with a Strong Track Record
Backpack Exchange is a relatively new player in the world of cryptocurrency trading, but one that has already made a significant impact. Founded by former Alameda Research and FTX employees, the company has quickly established itself as a major player in the industry. With its strong track record of innovation and customer service, Backpack Exchange is well-positioned to take advantage of the growing demand for regulated perpetual futures products.
One of the key factors that sets Backpack Exchange apart from other companies in the industry is its commitment to providing high-quality services to its customers. The company’s founders have a deep understanding of the needs and concerns of cryptocurrency traders, and they’re dedicated to delivering a world-class experience. Whether it’s through its innovative products or its exceptional customer service, Backpack Exchange is constantly striving to improve and exceed expectations.
Backpack Exchange has also made significant investments in research and development, ensuring that its products and services are always at the forefront of innovation. The company’s founders have a strong background in cryptocurrency trading and have worked closely with some of the biggest names in the industry. This expertise and experience have allowed Backpack Exchange to develop cutting-edge solutions that meet the evolving needs of cryptocurrency traders.
The Future of Cryptocurrency Trading: Regulated Perpetual Futures
Regulated perpetual futures are a relatively new concept in the world of cryptocurrency trading, but one that has quickly gained popularity. These products offer traders a way to bet on the price movements of cryptocurrencies without having to physically hold them. With the rise of decentralized exchanges and the increasing demand for regulated derivatives, it’s likely that we’ll see even more innovation and growth in this area.
Backpack Exchange is well-positioned to take advantage of this trend, with its new European arm offering a full suite of crypto derivatives. The company’s commitment to providing high-quality services and its focus on delivering exceptional customer experiences make it an attractive option for traders looking for regulated perpetual futures products.
The future of cryptocurrency trading looks bright, with more companies entering the market and pushing the boundaries of innovation. With its strong track record and commitment to excellence, Backpack Exchange is likely to be a major player in this space for years to come.
Conclusion
The acquisition of FTX EU by Backpack Exchange marks a significant development in the world of cryptocurrency trading. With its new European arm, Backpack Exchange will be well-positioned to take advantage of the growing demand for regulated perpetual futures products. As the company continues to expand its offerings and services, it’s likely that we’ll see even more innovation and growth in the crypto derivatives market.
Backpack Exchange is a company with a strong track record of innovation and customer service, and it’s well-positioned to take advantage of the growing demand for regulated perpetual futures products. With its commitment to providing high-quality services and its focus on delivering exceptional customer experiences, Backpack Exchange is an attractive option for traders looking for regulated perpetual futures products.
The future of cryptocurrency trading looks bright, with more companies entering the market and pushing the boundaries of innovation. As we look to the future, it’s clear that regulated perpetual futures will play a major role in shaping the industry. With its strong track record and commitment to excellence, Backpack Exchange is likely to be a major player in this space for years to come.