Markets News Report
October 31, 2023

Backpack Ventures into Crypto Exchange, Secures Dubai Virtual Assets License

Backpack, renowned for its all-encompassing web3 wallet and its spearheading role behind the top-ranking NFT collection on Solana, Mad Lads, has unveiled its foray into the regulated cryptocurrency exchange arena.

Backpack’s trading arm, known as Backpack Exchange, has garnered the prestigious Virtual Asset Service Provider (VASP) license for Exchange Services, bestowed by Dubai’s authoritative body on virtual assets, the Dubai Virtual Assets Regulatory Authority (VARA).

This move fortifies Backpack’s standing in Dubai, with the license enabling a transparent operation in the digital currency domain. However, it’s worth noting that this licensing is specific to Backpack Exchange and doesn’t encompass other virtual offerings by Backpack.

Setting New Standards in Crypto Exchange

In its journey over the past five months, Backpack Exchange hasn’t merely been content with obtaining regulatory approvals. The firm has ambitiously rolled out a next-gen exchange platform, embedding innovative features such as zero-knowledge proof of reserves, state-of-the-art Multi-Party Computation (MPC) for safeguarding assets, and swift order execution capabilities.

Simultaneously, they’ve been vigilant in obtaining licenses globally and ensuring users have seamless access to their fiat.

Coupled with the Backpack Wallet, users can now anticipate an unparalleled experience, bridging the gap between traditional currency and the blockchain realm. Not only can they interact with a plethora of dApps and exclusive executable NFTs, but the added advantage of in-app trades on the exchange makes the proposition even more enticing.

VARA: Leading from the Front in Virtual Asset Regulation

VARA has been instrumental in pioneering regulations for virtual assets. In 2023, it introduced an unprecedented regulatory framework tailored for the virtual asset world. Their VASP license is a testament to their commitment, enabling crypto ventures to offer exchange services to a diverse clientele.

Backpack’s visionary, Armani Ferrante, expressed his perspective on this development, highlighting the need for transparent crypto exchanges that align with the industry’s foundational principles. Emphasizing the role of cryptographic techniques like zk-proofs and MPC, Ferrante elucidated Backpack Exchange’s intent to set higher standards in transparency and compliance, urging the community to adopt a “Don’t trust, verify” attitude.

What’s Next for Backpack Exchange?

Members of the Backpack and Mad Lads community can look forward to an exclusive private beta launch this November, focusing on spot crypto trading. The broader public can expect a full-fledged launch in Q1 2024, with the exchange planning to diversify its trading offerings. In tandem, a seasoned compliance team, with expertise drawn from financial giants like Barclays and Coinbase, is on a mission to achieve further global regulatory recognitions.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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