Backpack Exchange, a global cryptocurrency -trading platform, said Monday that its European branch, Backpack EU, is officially live.
Exchange of Cyprus and licensed under the European Union’s MiFID II framework, places the exchange itself as one of the first fully regulated venues in Europe to offer cryptoder rivatives starting with eternal futures.
“As far as I know, it will just be us and the crack” in Europe that offers eternal futures, said Armani Ferrante, CEO of backpack, in an interview with Coindesk.
The debut follows the backpack’s acquisition of FTX EU earlier this year. In January, the FTX contest said that the sale of FTX EU to backpack was not approved. Since then, the question has been resolved and in April the stock exchange began distributing funds to previous FTX EU customers, which fulfilled their promise to compensate users affected by the collapse of Sam Bankman-Fred’s Crypto Empire.
Backpack EU gives users access to over 40 trading pairs with up to 10x leverage, the team said in a statement. The platform says it aims to give both retail and institutional dealers a compatible port to advanced crypto trading products.
The rolling also highlights the backpack’s wider strategy for rebuilding trust in digital assets after a series of exchange errors.
“You give confidence by doing good things every day over a long period of time. It’s composed,” Ferrante said. “It takes time to build trust and a single day to lose it. And then I think, in the end, our approach has always been to just try to get better every day and do the right thing at every step on the road.”
Part of this strategy is utilizing its proof-of-reserves system. Ferrante says the exchange publishes its validators’ certificates daily using zero-knowledge evidence. “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 treated more than $ 160 billion in trading volume globally.
The team also plans to expand in other regions.
“We are working on exactly the same thing here in Japan,” Ferrante said. “It will probably be our next place that we turn our eyes on with regard to license.”
Read more: New FTX EU -Owner Backpack initiates Customer Needs Process
