Backpack Set to Enter US Market: Founder Promises Transparency After FTX Scandal
It is anticipated that, subject to license agreements, the Backpack cryptocurrency exchange platform will open in numerous U.S. states later this year. Armani Ferrante, the founder of Backpack, said that the US market has always been a top concern, referring to it as the largest digital asset market he is most familiar with.
Ferrante disclosed that Backpack’s emphasis on openness and minimizing mistrust will characterize the U.S. debut. Additionally, he noted that the practice was motivated by the lessons learned from FTX, where he and other employees lost money after the scam was revealed. He went on to say that until it is too late, people don’t really care about proof of reserve.
CEO Armani Ferrante: Real-Time Proof of Reserves Is the Future of Crypto
In contrast to reporting processes that can extend beyond a month or a year, the CEO of Backpack contended that financial institutions need to be open and verifiable in real time. Ferrante emphasized that opaque systems have shown themselves to be fragile and hazardous. He claims that the crypto exchange platform purchased FTX EU in order to preserve the remaining operations of Sam Bankman-Fried’s defunct cryptocurrency firm.
The cryptocurrency trading platform, on the other hand, has a 24-hour volume of $74,682,108.37 and assets of nearly $170 billion. Bitcoin has the largest percentage of token distribution (46.03%), followed by Ethereum (16.64%), according to CoinMarketCap data. Given the size of the market and the possibility for rapid share acquisition, Ferrante thinks the U.S. debut might spur the company’s growth. Additionally, the exchange allows perpetual contracts with up to ten times leverage across over 40 trading pairs.
Digital Asset Debate Heats Up as Backpack Strengthens U.S. Operations
The company’s entry into the U.S. market coincides with heightened discussion about the country’s digital asset laws. According to some opponents, the majority of digital asset companies moved overseas as a result of the Biden administration’s strict stance on cryptocurrencies. But now that Trump’s government is emphasizing pro-crypto policies to increase the nation’s acceptance of crypto, that has altered. Backpack has never left the market since self-custodial wallets are still unregulated, even with the regulatory difficulties during Biden’s administration. Most wallets are headquartered in the United States, and the exchange platform employs more people there than in any other country, the CEO noted.
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