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Backpack, a crypto exchange founded by former FTX and Alameda Research executives, has recently expanded its reach in the United States, now serving customers in 11 states. This is a big step for the company in establishing its footprint in the American market. The states now able to access Backpack’s services include California, Colorado, Wisconsin, Wyoming, among others, as detailed in the company’s help center.
The exchange, currently in its beta phase, was co-founded by Can Sun, FTX’s ex-general counsel, and Armani Ferrante, a former software developer at Alameda Research. Demonstrating its ambitious growth plans, Backpack has also obtained the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Armani Ferrante, now CEO of Backpack, on X expressed the company’s intention to further expand its presence across the U.S., though no specific timelines for this expansion have been provided. The company’s strategic move in September 2022 saw it raising $20 million through blockchain firm Coral. This funding aimed to develop Backpack into a digital wallet for executable non-fungible tokens (xNFTs), likened to WeChat mini-programs. The financing round saw contributions from notable investors, including FTX Ventures, Jump Crypto, Multicoin Capital, Anagram, K5 Global, Frictionless, and other strategic partners.