Backpack Trade, a worldwide cryptocurrency buying and selling platform, mentioned Monday that its European division, Backpack EU, is formally stay.
Working out of Cyprus and licensed underneath the European Union’s MiFID II framework, the alternate is positioning itself as one of many first absolutely regulated venues in Europe to supply crypto derivatives, beginning with perpetual futures.
“So far as I am conscious, it is simply going to be us and Kraken” in Europe providing perpetual futures, Armani Ferrante, the CEO of Backpack, mentioned in an interview with CoinDesk.
The debut follows Backpack’s acquisition of FTX EU earlier this 12 months. In January, the FTX chapter property mentioned the sale of FTX EU to Backpack was not licensed. Since then, the problem has been resolved and in April the alternate started distributing funds to former FTX EU prospects, fulfilling their pledge to compensate customers affected by the collapse of Sam Bankman-Fried’s crypto empire.
Backpack EU will present customers entry to over 40 buying and selling pairs with as much as 10x leverage, the crew mentioned in a press release. The platform says it goals to provide each retail and institutional merchants a compliant gateway to superior crypto buying and selling merchandise.
The rollout additionally highlights Backpack’s broader technique of rebuilding belief in digital property following a string of alternate failures.
“You give belief by doing good issues day-after-day over a protracted time period. It is compounded,” Ferrante mentioned. “It takes time to construct belief and a single day to lose it. And so I believe, in the end, our method has at all times been to only attempt to get higher day-after-day and do the suitable factor at each step of the best way.”
A part of that technique is tapping into its proof-of-reserves system. Ferrante says the alternate publishes its validators’ attestations each day utilizing zero-knowledge proofs. “It must be the bar. You are able to do this day-after-day, there isn’t any motive why you’ll be able to’t,” he mentioned.
Since 2024, the corporate mentioned it has processed greater than $160 billion in buying and selling quantity globally.
The crew additionally plans to broaden in different areas.
“We’re engaged on the very same factor right here in Japan,” Ferrante mentioned. “That is most likely going to be our subsequent place that we flip our eyes to with respect to licensing.”
Learn extra: New FTX EU Proprietor Backpack Initiates Buyer Claims Course of
