Backpack Rolls Out Cryptocurrency Exchange in Dubai

Backpack, a digital wallet company specializing in Web3, has recently announced the launch of its own cryptocurrency exchange.

This move was made possible after obtaining a key license from the Dubai Virtual Assets Regulatory Authority (VARA).

As stated by the company, the exchange, called Backpack Exchange, will operate under regulation from VARA, after being approved as a Virtual Asset Service Provider (VASP).

It will boast advanced features such as zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low latency order execution.

VARA is in charge of overseeing all virtual asset activities in the Emirate of Dubai, as mentioned in the statement.

Backpack’s CEO and founder, Armani Ferrante, had to navigate through challenging circumstances in the past year.

After raising $20 million for the Coral crypto infrastructure company, where he was also an engineer, Ferrante faced the collapse of FTX Ventures, one of the investors in the startup.