According to (The Block), the European subsidiary of cryptocurrency exchange FTX, FTX EU, has now been acquired by Backpack Exchange after receiving approval from the bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC).
Backpack Exchange will be responsible for distributing funds from previous court-approved FTX bankruptcy claims to FTX EU users. Armani Ferrante, CEO of Backpack, said: “Customer redress is a critical step in rebuilding trust and confidence in the industry, and Backpack is committed to returning FTX EU customer funds as quickly and securely as possible.”
Backpack, a cryptocurrency trading and digital wallet platform founded by former employees of FTX and Alameda Research, was valued at $120 million in Series A funding in early 2024.
Backpack announced on social platform According to reports, the newly established Backpack EU will provide cryptocurrency derivatives trading services across the EU, including perpetual futures, and plans to officially launch in the first quarter of 2025.
Backpack said: “Our first priority is to return all customer euro funds on behalf of the FTX bankruptcy consortium and then launch a full suite of spot, margin and futures trading products. Cryptocurrency perpetual contract trading will return to Europe.”
Backpack has acquired FTX EU and its MiFID II License.Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.Crypto perps trading is coming back to Europe pic.twitter.com/ExxYFufZHj
— Backpack (@Backpack) January 7, 2025
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