Launching of Regulated Crypto Exchange by Solana-Based (SOL) App "Backpack"

Solana-based NFT App Backpack to Launch Regulated Crypto Exchange

Backpack, a Solana-based NFT wallet app, has announced that it will introduce a regulated cryptocurrency exchange. The exchange, called Backpack Exchange, has obtained a Virtual Asset Service Provider (VASP) license for Exchange Services from Dubai’s Virtual Asset Regulatory Authority (VARA). The license was granted after a thorough evaluation process and applies specifically to Backpack Exchange.

Backpack Exchange Available in Early 2024

The news of the regulated crypto exchange was shared by Backpack’s founder and CEO, Armani Ferrante, on X (formerly Twitter). The exchange will be made available through a private beta for existing members of the Backpack and MadLads communities in November. Initially, Backpack Exchange will only offer spot trading, with derivative and margin trading to be added later. The official launch is scheduled for the first quarter of 2024.

Dedicated to Transparency and Compliance

Ferrante emphasized the importance of transparency and compliance in the crypto industry. He stated that Backpack Exchange aims to raise the bar by leveraging cryptographic techniques like zk-proofs, MPC, and state machine replication. These technologies will enhance transparency and demonstrate the best that blockchain has to offer.

Hot Take: Solana-based NFT App Backpack Announces Launch of Regulated Crypto Exchange

Backpack, a Solana-based NFT app, has revealed its plans to introduce a regulated cryptocurrency exchange called Backpack Exchange. This move comes after obtaining a VASP license from Dubai’s VARA. The exchange will initially offer spot trading and will be accessible through a private beta for existing community members. The launch is set for early 2024. CEO Armani Ferrante highlighted the need for transparency and compliance in the industry, stating that Backpack Exchange will utilize cryptographic techniques to ensure these standards. This development marks an important step towards establishing a secure and trustworthy crypto exchange platform.