- Backpack crypto exchange has expanded its services to users across 11 US states including California and Colorado, marking a major milestone as it establishes its presence in the American crypto market.
- Backpack obtained regulatory approval through the VASP license from Dubai VARA, showing its commitment to compliance and transparency as it grows.
- Backpack raised $20M from leading blockchain investors to evolve into a digital wallet for xNFTs, highlighting investor confidence in its potential as it continues expanding in the US crypto space.
Backpack crypto exchange, established by former executives from FTX and Alameda Research, has announced the expansion of its services to users across 11 US states. This marks a major milestone as Backpack solidifies its presence in the American crypto market.
Backpack Reveals State Expansion
Backpack revealed through a Twitter thread that it has started offering services to users in 11 US states, including California, Colorado, Wisconsin, Wyoming, and seven others. This expansion is a crucial step as Backpack aims to expand its footprint in the US crypto space.
Backpack’s Regulatory Milestone and Funding Surge
The exchange has obtained the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), showing its commitment to compliance and transparency.
In September 2022, Backpack raised $20 million through blockchain firm Coral. The investment aimed to evolve Backpack into a digital wallet for executable non-fungible tokens (xNFTs).
The funding round was led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and others.
In November 2023, reports indicated Backpack’s plan to sell a 10% stake, valuing it at over $100 million. This highlights investor confidence in Backpack’s potential.
Future Outlook
As Backpack continues expanding in the US, it remains focused on providing innovative solutions while meeting security and compliance standards.
With industry veterans leading it, Backpack is poised for further growth and success in the dynamic crypto landscape.
