The collapse of FTX filled the crypto community with uncertainty and contributed to shaping the market in the following years. Since then, the crypto industry has seen better days, and newly launched projects have a healthier landscape to navigate.

However, FTX’s fall from grace may still haunt some projects, as trust is not easily recovered by those who once were related to the now-bankrupt company.

Can Sun, former FTX general counsel and key witness in SBF’s criminal trial, teamed up with Armani Ferrante, ex-software developer at Alameda Research, and other executives at the FTX company to create a new crypto exchange.

New Crypto Exchange On The Block

New crypto exchange Backpack, founded by former FTX and Alameda Research executives, announced in an X post this Wednesday that it’s starting operations in eleven US states and territories.

Backpack is a regulated centralized exchange (CEX) that operates in jurisdictions worldwide, with the promise to expand to several countries in the following years.

The Dubai-based exchange operates on the Virtual Asset Service Provider (VASP) license granted by the Dubai Virtual Assets Regulatory Authority (VARA). VARA, the world’s first independent regulator for virtual assets, provides a framework for Backpack to operate in all jurisdictions.

Accordingly, The VASP license authorizes Trek Labs to serve “institutional investors, qualified investors, and retail investors.”

As per the announcement, Backpack Exchange is currently in Beta and is available to California, Colorado, Indiana, Missouri, New Hampshire, Pennsylvania, Tennessee, Utah, Virginia, the Virgin Islands, Wisconsin, and Wyoming residents.

According to Backpack’s support website, only spot trading is live on the platform, while margin trading, derivatives, cross-collateral, and other advanced trading features will come soon.

Bitcoinist

Bitcoinist

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