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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Mar 12, 2024 13:44 UTC
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Former FTX Execs’ Backpack Straps on for UK Expansion After $17M Funding
Led by former FTX executives, crypto exchange Backpack expands to the UK after a successful funding round, aiming to be a major player.
Backpack offers a comprehensive crypto platform including trading, wallets, and NFTs
Backpack's growth reflects a trend of innovative exchanges entering the market, with a focus on user-friendly solutions and high standards.
Here’s something you don’t see every day!
Backpack, led by former FTX and Alameda Research experts, has made a significant move into the UK, marking a key milestone in the crypto space. With a substantial $17 million in funding and a notable $120 million valuation, Backpack is geared up to revolutionize the crypto scene.
Winning with Funding!
Backpack’s strategic entry into the UK follows a successful $17 million funding round, solidifying its position in the crypto exchange arena. Led by CEO Armani Ferrante and co-founder Can Sun, seasoned professionals from Alameda Research and FTX, Backpack is making waves with a robust $120 million valuation.
Beyond a typical crypto platform, Backpack is an all-encompassing ecosystem catering to various user needs. From crypto trading to wallet services and an exclusive NFT collection named “Mad Lads,” Backpack’s success in Dubai, coupled with the acquisition of a VASP license, underscores its commitment to global growth and accessibility, with the UK as its latest strategic move.
Bouncing Back Strong
In the face of FTX’s challenges, Backpack has demonstrated resilience, accumulating over 420,000 confirmed users worldwide. The UK expansion signifies a strategic shift for former FTX executives, seizing new opportunities since FTX went out of business.
With new standards, Backpack’s growth aligns with a broader trend of innovative exchanges reshaping digital asset trading. As part of this new wave, Backpack prioritizes user-centered solutions and cutting-edge offers, elevating industry standards.
Getting the Timing Just Right
The UK’s growing interest in digital assets, exemplified by the London Stock Exchange’s acceptance of Bitcoin and Ethereum ETNs, sets the stage perfectly for Backpack’s expansion. With institutional interest in cryptocurrencies on the rise, Backpack is strategically positioned to leverage this momentum and play a significant role in shaping the markets.
Did You Know? BlockFi Secures $1 Billion Deal with Bankrupt FTX, Customers Eye Full Repayment
With new players like Backpack, is the future of crypto trading brighter than ever?
Yes 
No 
