Backpack has formally launched its authorized cryptocurrency exchange. Under the name Backpack Exchange, Trek Labs Ltd FZE has earned the Virtual Asset Service Provider (VASP) license for Exchange Services from the Dubai Virtual Assets Regulatory Authority (VARA).
The VARA-approved VASP license solely pertains to Backpack Exchange’s activities. It sets it apart from other digital asset offerings from Backpack. This noteworthy move displays Backpack’s commitment to following rules and ensuring openness in the cryptocurrency world.
Backpack Exchange has created a platform that uses top-of-the-line tech, like zero-knowledge proof of reserves, Multi-Party Computation custody, and lightning-fast order completion—linking Backpack Exchange’s features with the current Backpack Wallet, the firm plans to give users an easy switch from regular currency to blockchain apps.
Backpack’s CEO and creator, Armani Ferrante, highlights the importance of openness in crypto trades. He says, “Don’t trust blindly; ensure transparency.” Further, he stated that Backpack Exchange is tackling problems regarding clarity and following regulations, establishing new benchmarks in the crypto industry.
Backpack Exchange is scheduled to open for members of the Mad Lads and Backpack communities in November. It will be accessible to the public in the first quarter of 2024. It plans to include many trading tools, such as margin trading, cross-collateral options, and derivatives. In the meantime, a team of experts from top finance companies will keep obtaining more regulatory licenses across the globe.
Thus, Backpack jumped into the regulated digital trading area along with its promise of transparency and advanced tech, which is set to drive notable change in the crypto field.
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