The Backpack crypto exchange has acquired the European arm of the collapsed FTX exchange, FTX EU, and is planning a first-quarter launch.
Backpack CEO Armani Ferrante confirmed the acquisition in a tweet today. The deal reportedly received approval from the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court. It sets the stage for Backpack to broaden its presence across the European Union.
Notably, the acquisition comes as part of Backpack’s strategic growth plan. Backpack EU, the new European entity, will offer a wide range of crypto derivative services, including perpetual futures, across the EU.
Furthermore, the company emphasized its commitment to returning funds to FTX EU customers as quickly as possible as part of the ongoing bankruptcy claims process. CEO Armani Ferrante stressed the importance of customer restitution in rebuilding trust within the crypto industry.
FTX EU Path to Re-Activation
Backpack EU is set to relaunch in Q1 2025 after securing a license reactivation. The exchange will provide further details on its support channels, including how FTX EU customers can access their funds and how new users can sign up.
This acquisition marks a significant milestone in the FTX EU saga, which had seen multiple ownership changes since FTX’s collapse in November 2022. FTX EU, originally Digital Assets AG, was acquired by FTX in 2021 before eventually being sold back to its founders for $32.7 million in early 2024.
Former FTX Employees Found Backpack
Ferrante, a Solana developer, founded the Backpack exchange in 2022. He reportedly raised $20 million in FTX and Jump Crypto investments to support the platform’s development.
His journey began with introducing the Backpack Wallet, a non-custodial service. Before launching Backpack, Ferrante developed Anchor, a security protocol and developer tool for Solana.
Tristan Yver, another co-founder of Backpack, previously worked at FTX for over two years before departing the company in May 2022.
Following FTX’s downfall in 2022, Backpack faced significant losses, with $14.5 million—88% of its operational funds—wiped out.
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Source: https://thecryptobasic.com/2025/01/07/backpack-exchange-takes-over-ftx-eu-for-q1-relaunch-vows-swift-customer-refund/?utm_source=rss&utm_medium=rss&utm_campaign=backpack-exchange-takes-over-ftx-eu-for-q1-relaunch-vows-swift-customer-refund