Backpack Exchange Announces Completion of Acquisition of FTX EU
Backpack Exchange announced today the official completion of its acquisition of FTX’s European subsidiary, FTX EU. Starting today, former FTX EU customers can begin a two-step claims process through Backpack EU to file their claims. The first step (identity verification) has now officially commenced.
Backpack was co-founded in 2022 by former senior executives of the FTX exchange and completed a $17 million Series A funding round led by Placeholder VC in February 2024, achieving a valuation of $120 million. Founder Armani Ferrante was previously a software development engineer at Alameda Research, while co-founder Tristan Yver also had over two years of experience at FTX. The exchange aims to fill the gap in the market for a reliable trading platform following the collapse of FTX.
Backpack Exchange has obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) and acquired a MiFID II license from the Cyprus Securities and Exchange Commission (CySEC) through its acquisition of FTX EU, allowing it to offer cryptocurrency trading and derivatives services in Europe.