Backpack Announces Launch of Cryptocurrency Exchange in Dubai
- Backpack launches a regulated cryptocurrency exchange named Backpack Exchange with VASP license.
- The license granted by the Dubai Virtual Assets Regulatory Authority (VARA) highlights a commitment to transparency in the digital asset space.
- Backpack Exchange introduces cutting-edge technologies, including zero-knowledge proofs, Multi-Party Computation (MPC), and swift order execution.
- The exchange is set to enhance user experience with premium fiat on and off ramps and seamless transitions from fiat to on-chain applications.
- Private beta for Backpack and Mad Lads community members begins in November, with public launch planned for Q1 2024, offering an array of trading functionalities.
Backpack, the company renowned for its all-in-one web3 wallet and the creative force behind Mad Lads, a leading NFT collection on Solana by market capitalization, has launched their regulated cryptocurrency exchange in Dubai.
Trek Labs Ltd FZE, operating under the name Backpack Exchange, has obtained the Virtual Asset Service Provider (VASP) license for Exchange Services from the Dubai Virtual Assets Regulatory Authority (VARA), the official regulator of virtual asset activities across the city.
The last five months have seen Backpack Exchange meticulously develop a cutting-edge exchange featuring innovative technologies, including zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and lightning-fast order execution.
They’ve also secured licenses across various global jurisdictions and established premium fiat on and off ramps to enhance user experience.
The seamless transition from fiat to on-chain applications is facilitated by the synergy of Backpack Exchange and Backpack Wallet, which, while currently unregulated, offers access to a variety of dApps and executable NFTs (xNFTs) unique to Backpack.
With this integration, users can now perform trades directly within the app.
Armani Ferrante, CEO and Founder of Backpack, emphasized, “It’s time to end the era of opaque crypto exchanges that contradict the principles our industry stands for.
“Users should not settle for exchanges with a single point of failure, absent proof of reserves, or lacking auditability.
“Backpack Exchange leverages cryptographic techniques like zk-proofs, MPC, and state machine replication to set new standards for transparency and compliance.
“It harnesses the potential of blockchain technology to deliver verification and security. In the spirit of blockchain’s core concept, don’t just trust; verify.”
Backpack Exchange will initiate a private beta this November for current Backpack and Mad Lads community members, focusing on spot crypto trading.
The exchange’s public launch is scheduled for Q1 of 2024, and the Backpack Exchange team plans to expand its features to encompass derivatives, margin, cross-collateral, while collaborating with their compliance experts who bring decades of experience from renowned financial institutions such as Barclays, State Street, HSBC, and Coinbase to obtain additional licenses worldwide.