New futures trading platform rolls out for European backpackers

In a significant move for the cryptocurrency industry, Backpack Exchange has launched a regulated perpetual futures platform in Europe. This marks a serious commitment by the company to the European market and a step towards building an active and engaged community.

The launch was spearheaded by Armani Ferrante, the founder of Backpack Exchange, who is also a Solana developer. Ferrante founded Backpack in 2022 and secured $20 million in funding from FTX and Jump Crypto. The acquisition of FTX EU's MiFID II license has allowed Backpack to legally offer crypto derivatives across the EU.

The platform's focus on helping former FTX EU clients and offering a regulated exchange could attract users who value security and transparency. Since April, Backpack has been managing a fund recovery program for former FTX EU clients, demonstrating its commitment to its community.

The regulated platform aims to restore trust while offering advanced trading options. By operating on a clear and authorized exchange, it reduces risks associated with unregulated platforms. Backpack also verifies identities and distributes approved funds to affected users.

The industry will closely watch the platform's performance and Backpack's ability to maintain user focus during growth. The company's approach combines innovation and responsibility, demonstrating that crypto platforms can grow responsibly.

The launch of the regulated platform shows how responsibility and innovation can go hand in hand in the crypto world. European traders now have access to an advanced yet reliable platform. The actions of Backpack could push other platforms to follow the rules and improve their services, further strengthening the market.

In a statement, Ferrante said, "Our focus on helping former FTX EU clients and offering a regulated exchange demonstrates that user trust and transparency are as important as market growth."

The fund recovery program and the launch of the regulated platform are significant steps for Backpack Exchange. They show that the company is committed to building a secure and reliable platform that prioritizes community. As the crypto industry continues to evolve, Backpack's actions serve as a model for other platforms to follow.