Former FTX Execs’ Venture, Backpack Exchange, Grows Across 11 US States

Crypto News- As global regulations on cryptocurrencies tighten, Backpack, a crypto exchange founded by former FTX executives, has expanded its operations to 11 US states, including California, Colorado, Indiana, Missouri, Wyoming, and others.

In a heartfelt announcement shared on the social media platform X (formerly Twitter) on Feb. 21, the company revealed its availability to residents in the aforementioned states. CEO Armani Ferrante, in a message filled with determination, outlined the company’s plans to establish a strong foothold in the US market:

“Today marks the beginning of our journey to introduce Backpack Exchange to the USA. It’s going to be a gradual process. It’s going to be challenging. But it’s a journey we’re committed to. If we’re not yet available in your state, please bear with us. We’ll get there. Building something of this magnitude takes time and dedication. But we’re in it for the long haul.”

Former FTX Execs’ Venture, Backpack Exchange, Grows Across 11 US States

Currently operating in its beta phase, the exchange primarily facilitates spot trading and has ambitions to expand into derivatives, margin trading, and more as it secures additional licenses worldwide. Its aim is to differentiate itself from traditional exchanges by offering non-custodial-based trading. As of Feb. 18, the platform boasted a daily trading volume of $1 billion.

Backpack was co-founded by Can Sun, formerly of FTX, and Ferrante, who previously worked as a software developer at Alameda Research.

Sun gained attention for his role as a key witness in Sam Bankman-Fried’s trial, where he testified that he was unaware of Bankman-Fried’s misappropriation of customer funds. Ferrante’s prior venture, Coral, faced a setback of $14.5 million following FTX’s sudden collapse. Notably, FTX Ventures had led a $20 million funding round for Coral just weeks before the collapse.

Backpack’s licensing spans various jurisdictions globally. It holds licenses from regulatory authorities in the United Arab Emirates (UAE), Lithuania, Australia, and the United States.