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Backpack Exchange, founded by former FTX employees, is preparing to launch spot crypto trading in the United States later this year. CEO Armani Ferrante confirmed the expansion plans are contingent on obtaining necessary money-transmitter licenses. The move marks a strategic shift as the company seeks to enter what Ferrante calls ‘the biggest market’ for cryptocurrency.
- Backpack acquired FTX EU earlier this year and recently launched perpetual futures trading in the European Union under MiFID II regulations
- The company provides daily proof-of-reserve updates on its website as part of its 'trust minimization' approach inspired by FTX's collapse
- Despite regulatory challenges, the US remains Backpack's largest employee base and home market for its self-wallet/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">custodial wallet users
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