Backpack, a Solana-based NFT wallet app, has announced its plans to launch a regulated cryptocurrency exchange called Backpack Exchange. The company has obtained a Virtual Asset Service Provider (VASP) license for Exchange Services from Dubai’s Virtual Asset Regulatory Authority (VARA). This license specifically applies to Backpack Exchange and not other services offered by the app. The exchange is set to be available as a private beta for existing Backpack and MadLads community members in November, with a full launch scheduled for the first quarter of 2024. Initially, the exchange will only offer spot trading, but developers plan to add derivative and margin trading later on. The founder and CEO of Backpack, Armani Ferrante, emphasized the company’s commitment to transparency and compliance, aiming to address the issues of opaque crypto exchanges by leveraging blockchain technology and cryptographic techniques like zk-proofs, MPC, and state machine replication. The goal is to provide a verifiable and auditable platform that raises the bar for the industry.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	positive
Relevance Score	1
People	Armani Ferrante
Companies	Backpack Exchange, MadLads, Dubai Virtual Asset Regulatory Authority (VARA), Coral, X (formerly Twitter)
Currencies	None
Securities	None