Backpack Exchange, a global cryptocurrency trade platform, said on Monday that its European division, Backpack EU, is officially live.
Operating from Cyprus and licensed under the Marco Mifid II of the European Union, the exchange is being positioned as one of the first fully regulated places in Europe to offer cryptographic derivatives, starting with perpetual future.
“As far as I know, they will only be us and Kraken” in Europe that offers perpetual futures, said Armani Ferrante, CEO of Backpack, in an interview with Coindesk.
The debut continues to the acquisition of FTX from backpack earlier this year. In January, the Rupty Estate Banking said that the sale of FTX EU to the backpack was not authorized. Since then, the problem has been resolved and, in April, the exchange began to distribute funds to the former EU clients of the FTX, fulfilling their promise to compensate the users affected by the collapse of the cryptographic empire of Sam Bankman-Fried.
Backpack EU will provide users accessing more than 40 negotiation pairs with up to 10x leverage, the team said in a statement. The platform says it aims to provide retail and institutional merchants a entrance door compatible with advanced cryptographic trade products.
The deployment also highlights the broader strategy of the backpack to rebuild confidence in digital assets after a series of exchange failures.
“You give you trust doing good things every day for a long period of time. It is composed,” Ferrante said. “Time is needed to generate trust and a single day to lose it. And I think, ultimately, our approach has always been trying to improve every day and do the right thing in every step of the road.”
Part of that strategy is to take advantage of your reservation test system. Ferrante says that the exchange publishes the baskets of its validators daily using zero knowledge tests. “It should be the bar. You can do this every day, there is no reason why you can’t,” he said.
Since 2024, the company said it has processed more than $ 160 billion in negotiation volume worldwide.
The team also plans to expand in other regions.
“We are working exactly the same here in Japan,” Ferrante said. “That will probably be our next place to which we put our eyes regarding the license.”
Read more: the new owner of the FTX of the backpack begins the client’s claims process
