• Crypto exchange Backpack established by ex-FTX, Alameda Research executives is now offering services to customers in several US states.

In an X thread on Feb. 21, crypto exchange Backpack announced it has started offering services to users from 11 US states as the exchange deepens its presence on the American market. 

USA

Welcome to Backpack Exchange.

We’re going live in 11 states. pic.twitter.com/k1a0SR0yQG

— Backpack 🎒 (@Backpack) February 21, 2024

According to the exchange’s help center, Backpack is now offering services in California, Colorado, Wisconsin, Wyoming and seven other US states.

Founded by FTX‘s former general counsel, Can Sun, and ex-Alameda Research software developer Armani Ferrante, Backpack, which is currently in beta, has already secured the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

See Also: Solana-based Backpack Crypto Exchange Attains $1B Daily Trading Volume Just 5 Days After Pre-season Beta Launch

Ferrante, who now serves as the CEO of Backpack, expressed intentions to further solidify the exchange’s presence in the US, although specific timelines were not disclosed.

Today, we beginning our journey to bring @Backpack Exchange into the USA.

It’ll be slow. It’ll be steady. It’ll be hard.

But it’ll be worth it. https://t.co/s3ayqMBpsY

— Armani Ferrante (@armaniferrante) February 21, 2024

In September 2022, Backpack raised $20 million via blockchain firm Coral to evolve as a digital wallet for executable non-fungible tokens (xNFTs), which the firm described as “analogous to WeChat mini-programs.” 

The funding was co-led by FTX Ventures and Jump Crypto with participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other strategic investors. 

In November 2023, the Wall Street Journal learned that Backpack was looking to sell a 10% stake that would value it at over $100 million.

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