Backpack Exchange, a global cryptocurrency trading platform, said its European division, Backpack EU, was officially live on Monday.
Operating from Cyprus and under license within the framework of Mifid II of the European Union, the exchange is positioned as one of the first places entirely regulated in Europe to offer cryptographic derivatives, starting with a perpetual future.
“As far as I know, it will be American and Kraken” in Europe offering a perpetual future, Armani Ferrante, CEO of Backpack, said in an interview with Coindesk.
The beginnings follow the acquisition by backpack of FTX EU earlier this year. In January, the FTX bankruptcy area said that the sale of FTX with backpack was not authorized. Since then, the problem has been resolved and in April, the exchange began to distribute funds to former FTX EU customers, making their commitment to compensate users affected by the collapse of the cryptographic empire of Sam Bankman Fried.
Backpack has provided users with access to more than 40 trading pairs with a lever effect up to 10x, the team said in a press release. The platform indicates that it aims to offer retail merchants and in institutional trade a gateway in accordance with advanced crypto trading products.
The deployment also highlights the wider strategy of backpack for reconstruction of trust in digital assets following a series of exchange failures.
“You give confidence by doing good things every day over a long time. It is aggravated,” said ferrant. “It takes time to strengthen confidence and only one day to lose it. And so I think that in the end, our approach has always been to try to improve every day and do the right thing at each stage of the process.”
Part of this strategy is to exploit its proof of reserve system. Ferrante says that the exchange publishes its validators’ certificates daily using zero knowledge of knowledge. “It should be the bar. You can do it every day, there is no reason why you cannot,” he said.
Since 2024, the company said that it had treated more than $ 160 billion in the world’s negotiation volume.
The team also plans to develop in other regions.
“We are working exactly on the same thing here in Japan,” said Ferrant. “It will probably be our next place where we turn our eyes when it comes to licenses.”
Read more: the new FTX owner’s backpack initiated the customer complaint process
