Backpack Launches Regulated Crypto Exchange

Backpack Launches Regulated Crypto Exchange

Backpack, the team behind Mad Lads NFTs on Solana, is launching a regulated cryptocurrency exchange called Backpack Exchange in Dubai.

The Deets

  • Awarded the Virtual Asset Service Provider (VASP) license by Dubai’s VARA.
  • The new exchange introduces next-gen tech including zero-knowledge proof of reserves.
  • Direct in-app trades for Backpack Wallet users.
  • Armani Ferrante, CEO of Backpack, emphasizes the need for transparent, auditable exchanges.

The Bulk

Known as the company behind the leading NFT collection, Mad Lads, on Solana, Backpack is diversifying its portfolio by introducing a state-of-the-art cryptocurrency exchange. Dubbed as Backpack Exchange, it is recognized and endorsed by the Dubai Virtual Assets Regulatory Authority (VARA), which granted it the VASP license specifically for Exchange Services.

The tech infrastructure is a combination of zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for safeguarding assets, and swift order execution. The global approach doesn’t stop at tech; the company secured licenses across various international jurisdictions and have set up high-quality fiat on and off ramps.

For Backpack Wallet users, the transition from fiat to on-chain activities promises to be smoother than ever. With the Backpack Wallet being an unregulated offering, it still provides its users with unique dApps and xNFTs (executable NFTs) exclusive to Backpack. Now, they can also seamlessly conduct their trades right within the app, making the crypto experience all the more integrated and convenient.

Regarding regulations, VARA has emerged as a beacon in the crypto regulation landscape. The license they granted to Backpack Exchange solidifies it as a credible entity in the exchange of virtual assets.

Backpack’s CEO, Armani Ferrante, shared a visionary perspective on the launch, emphasizing the blockchain’s intrinsic properties of verification and auditability, and how Backpack Exchange is capitalizing on these aspects.

ğŸŽ¤ Founder Feedback

It's time to end the days of opaque crypto exchanges. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange aims to elevate transparency and compliance in the crypto world. Don't trust, verify.Armani Ferrante, CEO of Backpack

🔜 What's Next?

For the eager Backpack and Mad Lads community members, there's good news: a private beta launch of Backpack Exchange is slated for this November. The wider public can anticipate its full-fledged launch by Q1 of 2024. Alongside, the Backpack Exchange team, leveraging its vast experience from global financial institutions, will be adding a range of trading functionalities and procuring additional licenses globally.

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