Backpack Exchange Reshapes European Crypto Landscape After FTX Collapse – BitRss

In 2022, the European arm of the failed cryptocurrency exchange FTX, known as FTX EU, was acquired by Backpack Exchange. This acquisition received approval from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission. Backpack Exchange aims to distribute court-approved FTX bankruptcy claims to users in Europe.

Backpack Exchange’s Vision for a New Start in Europe

Backpack Exchange, a crypto exchange and wallet platform founded by former FTX and Alameda employees, has set ambitious growth targets. The company secured a valuation of $120 million in its Series A funding round in 2024 and enhanced its prospects in Europe with a MiFID II license.

Backpack EU, slated to launch in the first quarter of the year, will facilitate SEPA payments and support remittances in major European currencies. Additionally, it will offer cryptocurrency derivatives and perpetual contracts.

Rebuilding After the FTX Collapse

Armani Ferrante, one of the founders of…