🚨 FTX EU Acquired by Backpack Exchange 🚨
🔹 State of play: FTX EU, the European branch of the now-defunct crypto exchange FTX, has been acquired by Backpack Exchange, following regulatory approvals from the FTX bankruptcy court and the Cyprus SEC.
🔹Backpack Exchange was founded by former FTX and Alameda employees.
🔹The acquisition will see Backpack EU handling the distribution of previously court-approved bankruptcy claims to FTX EU users.
🔹 The new arm, Backpack EU, will also offer crypto derivatives, including perpetual futures, across the European Union.
🔹 Backpack was valued at $120M in its Series A funding round in early 2024.
🔹 It has obtained a MiFID II license plus a license from the Dubai VARA.
🔹 What’s next: Backpack EU plans to launch in Q1 2025, supporting SEPA payments and wire transfers in major European currencies.
🔹 Why it matters: The acquisition comes as the EU’s Markets in Crypto-Assets (MiCA) regulation sets new standards for virtual asset service providers.
🔹 Our take: Backpack has been making interesting moves, working backwards by starting with its communities via madlads and other CT-native marketing strategies, before working back up to creating a regulated “new-generation” of crypto exchanges.