MadlLads NFT Creator BackPack Buys FTX EU

MadLads NFT Creator BackPack Buys FTX EU- Here’s More Info..

Updated: 07 January 2025

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Backpack, a renowned blockchain company and the team behind the popular MadLads non-fungible token collections, has acquired the European arm of FTX to offer regulated crypto derivatives across Europe. FTX was a leading cryptocurrency exchange that went bankrupt in November 2022 amid allegations that its owners had embezzled and misused customer funds.

Backpack Acquires FTX EU

In a January 07 press release, the MadLads NFT creator Backpack confirmed acquiring the European arm of FTX. Under the new acquisition, the Backpack’s FTX EU arm will offer a full suite of crypto derivatives throughout the European Union region, including perpetual futures. The re-activation of the operation license is underway, with plans for Backpack EU to go live in the Q1 of 2025.

BackPack announces it is buying the European arm of FTX, with plans to offer regulated crypto derivs across Europe.

MadLads on the move, up 20% +in the past 24 hours. pic.twitter.com/1aL5Ftnfyf

— Stats (@punk9059) January 7, 2025

Founded in 2022, Backpack is a blockchain company established by the longtime Solana contributor Armani Ferrante. It is a multifaceted platform created as a cryptocurrency wallet and an exchange. Backpack Exchange is a fully regulated global crypto exchange building an innovative, easy-to-use, and compliant trading platform for new and old Web3 users worldwide.

Backpack Exchange currently serves users from over 150 countries and regions with more than $60 billion in trading volume. The Backpack ecosystem comprises several other products and services, including the popular Backpack Wallet (a non-custodial wallet) and Mad Lads, one of the leading non-fungible token collections in the Solana ecosystem. MadLads features a limited edition of 10,000 NFTs hosted on the Solana blockchain network.

FTX EU Roars Back To Life

Under the new acquisition, Backpack anticipates offering seamless integration with traditional payment rails, including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region. Since 2022, nearly all the unregulated offshore crypto exchanges have been forced to wind down their unlicensed European operations. While commenting about the FTX EU acquisition, Mr. Armani Ferrante, CEO of Backpack Exchange, commented:

“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

In the meantime, the operation license is being reactivated, with the Backpack team urging users to have confidence in the renewed FTX EU. The Backpack EU has pledged to undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers. Moreover, Backpack is committed to returning FTX EU customers’ funds as quickly and safely as possible.