Backpack, the exchange built by former FTX employees, is set to target a U.S. launch this year, CEO Armani Ferrante told Decrypt. The initial rollout would focus on spot trading in multiple states but remains conditional on securing state money-transmitter licenses.
The startup has prioritized markets where it could scale operations while building compliance, expanding first in Japan and the EU. Its European arm, registered in Cyprus, began offering perpetual futures across the EU under MiFID II earlier this week after Backpack acquired FTX EU earlier this year.
Ferrante said Backpack’s approach centers on trust minimization and transparency. The company publishes daily proof-of-reserve updates on its site — a practice he says should be standard to prevent the kind of opaque failures seen at FTX. “We should be pushing finance to be transparent, verifiable and privacy preserving,” he said.
Although some industry observers say strict U.S. enforcement pushed innovation abroad, Backpack never fully left the market: its self-custodial wallet has been available in the U.S. since 2022, and the company now employs more people in the U.S. than anywhere else.
Backpack reports it has handled $170 billion in trading volume since 2024. Ferrante believes a U.S. expansion could rapidly increase market share — but entry depends on licensing and the evolving regulatory landscape. Investors and users should note that timelines and product availability hinge on state approvals and compliance requirements.
Source: Decrypt. Read the original coverage for full details.