The Dubai-based company Backpack, known for its all-in-one web3 wallet and Mad Lads, the leading NFT collection on Solana, has unveiled its regulated cryptocurrency exchange, Backpack Exchange. Trek Labs Ltd FZE, operating under the Backpack Exchange name, has been granted the Virtual Asset Service Provider (VASP) license for Exchange Services by the Dubai Virtual Assets Regulatory Authority (VARA). This significant milestone paves the way for Backpack Exchange to set new standards for transparency in the digital asset space.
Backpack Exchange has invested the past five months in building a cutting-edge exchange with advanced features like zero-knowledge proof of reserves, Multi-Party Computation (MPC) for custody, and low latency order execution. The license from VARA enables the exchange to facilitate virtual asset exchanges for a wide range of customers. VARA, as the world’s first independent regulator for virtual assets, ensures transparency and trust in the rapidly evolving world of virtual assets.
Sign up for the waitlist https://t.co/44tITBLJSA 🎒 https://t.co/Wy5zQQLLum pic.twitter.com/aTE9FqmyJ3
— Backpack 🎒 (@Backpack) October 31, 2023
Armani Ferrante, CEO and Founder of Backpack, emphasized the importance of transparency and security in the crypto space. He stated, “Backpack Exchange is taking full advantage of cryptographic techniques to raise the bar for transparency and compliance.”
Backpack Exchange will launch in private beta this November for existing community members, with a public launch scheduled for Q1 2024. It aims to introduce various trading functionalities while securing additional licenses worldwide. This move reflects Dubai’s commitment to being a global hub for innovation and entrepreneurship.
