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In 2022, the European arm of the failed cryptocurrency exchange FTX, known as FTX EU, was acquired by Backpack Exchange. This acquisition received approval from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission. Backpack Exchange aims to distribute court-approved FTX bankruptcy claims to users in Europe.
Backpack Exchange’s Vision for a New Start in Europe
Backpack Exchange, a crypto exchange and wallet platform founded by former FTX and Alameda employees, has set ambitious growth targets. The company secured a valuation of $120 million in its Series A funding round in 2024 and enhanced its prospects in Europe with a MiFID II license.
Backpack EU, slated to launch in the first quarter of the year, will facilitate SEPA payments and support remittances in major European currencies. Additionally, it will offer cryptocurrency derivatives and perpetual contracts.
Rebuilding After the FTX Collapse
Armani Ferrante, one of the founders of Backpack Exchange, had previously raised $20 million to establish an infrastructure company named Coral. However, a significant portion of the funds was lost during the FTX collapse. Coral has since helped develop Backpack’s trading and wallet technologies.
In November 2022, FTX filed for bankruptcy, leading to former CEO Sam Bankman-Fried receiving a 25-year prison sentence for fraud in 2023. This situation spurred new regulatory developments in the European cryptocurrency market.
