Backpack, already recognized in the cryptocurrency ecosystem as a wallet provider, is set to create a regulated exchange. Testing of the latter is set to begin as early as November, following the granting of a license by the Dubai Virtual Assets Regulatory Authority (VARA).
Backpack inaugurates its exchange in Dubai
Recognized for its expertise as a provider of Web3 digital wallets, Backpack has been awarded a Virtual Asset Service Provider license by VARA, enabling it to operate in the Emirate of Dubai.
The platform will enter beta in November. With the support of a seasoned team that has worked alongside such big names as Barclays, HSBC and Coinbase, the exchange plans to offer a multitude of features to meet traders’ needs.
The exchange will stand out for its cutting-edge features, offering a zero-disclosure proof of knowledge (Zero Knowledge Interactive proof), a multi-party method for asset custody and accelerated order fulfillment. The platform is due to open its doors to the general public in early 2024, featuring derivatives, margin options and interconnected collateral.
Backpack Exchange has developed a next-generation exchange incorporating zk-proofs, multi-party computation, or MPC, for custody and low-latency order execution.Company statement
Backpack has overcome some serious obstacles in its history. Armani Ferrante, CEO and founder of Backpack had to weather a financial storm following the loss of $14.5 million in the collapse of Coral Exchange. Today, Ferrante wants to radically transform the sector crypto sector by promoting transparency.
Backpack’s approach promises to be a significant milestone in the world of cryptocurrencies for Dubai. By opting for this region, which is already conducive to digital assets, the company seems to be getting ahead of many of its competitors.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.