Backpack Crypto Exchange to Debut in 'Many' US States This Year: CEO

Core Insights - Backpack's crypto exchange is set to debut in the U.S. this year, starting with spot trading in several states, as confirmed by CEO Armani Ferrante [1] - The company, established by former employees of FTX, has been focusing on markets in Japan and the EU while preparing to obtain necessary licenses for U.S. operations [1][2] - The U.S. market is prioritized by Backpack due to its size and familiarity to the CEO, who believes it offers the best opportunity for rapid market share growth [2][7] Company Operations - Backpack's self-custodial wallet has been available in the U.S. since its establishment in 2022, with a focus on regions like Dubai for crypto trading expansion [2] - The European arm of Backpack is registered in Cyprus and has begun offering perpetual futures under the MiFID II framework after acquiring FTX EU earlier this year [3] - The exchange has facilitated $170 billion in trading volume since 2024, indicating significant operational scale [7] Competitive Edge - Backpack aims to differentiate itself through "trust minimization," providing daily proof-of-reserve updates to enhance transparency and trust among users [4] - The company emphasizes the need for financial systems to be transparent and verifiable in real-time, contrasting with the opaque systems that have led to industry failures [5] - Despite regulatory challenges, Backpack maintains a strong presence in the U.S. with more employees than in any other country, indicating its commitment to the market [6]