- Crypto wallet company Backpack announced its crypto exchange following Dubai license.
- Founder Armani Ferrante celebrated the launch and recapped previous milestones.
- The exchange features zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and high-speed order execution.
In a recent tweet, crypto wallet company NFT Backpack’s founder, Armani Ferrante, celebrated the launch of its cryptocurrency exchange after receiving the Dubai license. Ferrante recaps the milestones the team has covered from introducing Anchor, the framework, and launch of Backpack, the wallet, to unveiling xNFTs, the protocol, and building the community, Mad Lads.
Earlier today, Backpack announced that it will be launching an exchange following the acquisition of a crucial license from the Dubai Virtual Assets Regulatory Authority, known as VARA. According to the statement, the company has devised an innovative exchange platform featuring zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and high-speed order execution.
In a series of tweets, Ferrante revealed that the exchange is called X, which stands for “eXchange. The Backpack Exchange.” Furthermore, he confessed that this exchange was “the hardest yet most important project” the team has undertaken, while adding,
Since the @MadLadsNFT mint, we’ve setup entities around the world. We’ve tripled our team size. We’ve worked with global regulators. We’ve gotten the green light from central banks. And we’ve worked with incredible researchers to build a new type of crypto native institution.
Moreover, Ferrante emphasized the importance of avoiding exchanges with single points of failure and stressed the need for proof of reserves and full auditability, including cryptographic security. He called for higher standards within the industry and expressed frustration with centralized exchanges compromising its integrity while advocating that is “unwaveringly devoted to the ideals and principles that this industry was founded on.”
Ferrante highlighted that while Backpack now includes an exchange, its core function remains as a wallet that offers comprehensive custody services within a single app. The exchange is characterized by its regulation and compliance, while the wallet is emphasized for its client-side operation, ensuring complete privacy and zero wallet tracking, which can be verified by reviewing the code.
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