Former FTX, Alameda Execs Launches New Crypto Exchange

Backpack, a cryptocurrency exchange founded by former FTX executives in Alameda, is already servicing clients in multiple locations around the United locations.

In an X thread on February 21, the cryptocurrency exchange Backpack said that it has begun providing services to users from 11 states to strengthen its position in the American market. Backpack is currently providing services in California, Colorado, Wisconsin, Wyoming, and seven more US states, according to the exchange's help center.

Backpack, an in-beta software company founded by former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante, has already obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

Ferrante, currently Backpack's CEO, stated that he intends to increase the exchange's visibility in the United States, though he did not provide a date.

Backpack raised $20 million through blockchain startup Coral in September 2022 in order to develop a digital wallet for executable non-fungible tokens (NFT), which the company compared to “WeChat mini-programs.”

With participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other key investors, the fundraising was co-led by FTX Ventures and Jump Crypto.

The Wall Street Journal discovered in November 2023 that Backpack intended to sell a 10% interest, valuing the company at more over $100 million.