Former FTX and Alameda Executives launched a new Crypto exchange in the US

The exchange is built on a private blockchain tailored specifically for running a crypto exchange

The downfall of FTX instilled uncertainty within the crypto community and left a lasting impact on the market for years to come. Despite this, the crypto industry has since experienced improvements, providing a more favorable environment for newly launched projects to thrive. Nevertheless, remnants of FTX's demise continue to cast a shadow over certain projects, as rebuilding trust proves to be a challenging endeavor for those once associated with the bankrupt company. Can Sun, former general counsel at FTX and a key witness in SBF’s criminal trial, has joined forces with Armani Ferrante, a former software developer at Alameda Research, and other executives from FTX to establish a new crypto exchange.

Backpack, the newly launched crypto exchange founded by former FTX and Alameda Research executives, announced via an X post this Wednesday that it has commenced operations in eleven US states and territories. Backpack operates as a regulated centralized exchange (CEX) in various jurisdictions worldwide, with plans for further expansion into additional countries in the coming years. Based in Dubai, the exchange operates under the Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). VARA, the world's first independent regulator for virtual assets, provides the regulatory framework for Backpack to operate globally. To enhance security, every deposit, withdrawal, order placement, and cancellation is validated by independent nodes on the network, enabling customers to verify their holdings at any time.