A Game-Changer for Crypto in Europe

FTX EU, once a part of the now-defunct FTX empire, has found a new home with Backpack Exchange. This $32.7 million deal isn’t just about ownership—it’s about shaking up the European crypto market. This is also perfect timing as European markets are getting softer on their crypto regulations, and there is a possible increase in crypto users to 218.60 million by 2025. 

What’s the Big Deal?

Once a key player in sam bankman fried sam bankman fried Sam Bankman Fried is a successful American entrepreneur, angel investor, and billionaire with a remarkable history in the space of the cryptocurrency industry. Being the Founder and CEO of FTX, a leading cryptocurrency exchange he has played a key role in the revolutionization and development of the crypto space through his excellent experience and potency. Sam Bankman Fried is a native of Stanford, California, United States.
 
Ranked as 60th on the 2022 Forbes billionaires list incorporating a net worth of US$24 Billion. Began his career working at Jane Street Capital, a trading organization that trades international ETFs. Later, in 2017 he quit Jane Street and founded Alameda Research, a quantitative cryptocurrency trading organization established in October 2017.  Bankman build an arbitrage trade, raising $25 Million every day, to take benefit from the higher price of Bitcoin in Japan in 2018.
 
After attending a cryptocurrency conference in 2018, in Macau, he got inspired by the concurrent crew of Bitcoin cash and built his firm, FTX according to July 2021 that averages $10 Billion of day-to-day trading volume with beyond 1 Million users that provides a policy of donating 1% of its revenue to charity. Bankman aims to support lawmakers who perform the vast game on policymaking in spaces like pandemic planning and preparedness. EntrepreneurChief Executive OfficerTrader trading empire, FTX EU held a MiFID II license under the Cyprus Securities and Exchange Commission (CySEC), allowing it to operate in the European Union. Backpack Exchange, founded by former FTX and Alameda Research employees, now plans to use this license to establish itself as a leader in regulated crypto derivatives across Europe.

Backpack’s CEO, Armani Ferrante, announced that the exchange has submitted its notification under Europe’s new Markets in Crypto Assets (MiCA) regulatory framework. If approved, Backpack aims to go live in the first quarter of 2025. The firm intends to offer a comprehensive suite of crypto derivatives, with a primary focus on becoming the only regulated provider of perpetual futures in the EU.

Ferrante highlighted that while other firms like coinbase coinbase – [email protected] WalletCentralised Exchange and bitstamp bitstamp – [email protected] Centralised Exchange have acquired MiFID II licenses, none currently offer perpetual futures within the European Union. This gives Backpack a unique opportunity to fill the gap and cater to a growing demand for regulated crypto derivatives. Ferrante also emphasized the importance of restoring FTX EU customer funds as a top priority before rolling out new services.

What’s this all about? 

But Backpack isn’t just focused on new customers. Ferrante stressed that returning funds to FTX EU’s existing users is a top priority. Once that’s sorted, the company will launch its suite of products, with some features potentially rolling out later in the year.

Backpack’s journey so far has been impressive. The team, known for its contributions to the Solana ecosystem and successful NFT ventures, raised $17 million in funding last year. Now, with the FTX EU acquisition, they’re stepping up their game in a highly competitive market.

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Europe’s crypto scene is buzzing, with firms like D2X and others vying for a slice of the derivatives market. However, Backpack’s regulated approach and focus on perpetual futures could make it a standout player. As the crypto world looks for more stability and trust, Backpack’s bold move could set the tone for a new era of regulated trading in Europe.