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Binance

From Collapse To Comeback? Ex-FTX And Alameda Employees Acquire European Subsidiary

Ronaldo Marquez
by Ronaldo Marquez
8 months ago
·
Posted in FTX
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a move to bolster its presence in the European market, Backpack Exchange, a crypto trading platform established by former employees of Sam Bankman-Fried’s FTX and Alameda Research, has acquired the European entity of the defunct FTX exchange for $32.7 million. 

As earlier reported by Bloomberg, this acquisition aims to expand Backpack’s derivatives offerings in a region where the regulated crypto derivatives market is increasingly gaining traction.

FTX EU’s Bankruptcy Claims Transferred

FTX EU was one of the units that fell under bankruptcy proceedings following the collapse of the exchange in 2022. As part of the acquisition deal, Dubai-based Backpack will assume responsibility for distributing court-approved bankruptcy claims totaling approximately €53 million ($55 million) to affected FTX EU customers.

Related Reading: Strategic Bitcoin Reserve Process Begins In 14 US States This Month, Says Insider

The FTX estate had previously pursued legal action to recover millions from the original owners of FTX EU. However, this lawsuit was ultimately dropped as part of a settlement that facilitated the sale of the unit to its co-founders, Patrick Gruhn and Robin Matzke, who then sold it to Backpack.

This acquisition is particularly noteworthy as FTX EU holds a MiFID II license, allowing it to offer crypto derivatives trading within the European Union. 

The transaction has received approval from the Cyprus Securities and Exchange Commission, paving the way for Backpack to operate legally in the region.

Armani Ferrante, the CEO of Backpack, emphasized that returning funds to customers is the company’s “top priority” following the acquisition. In an interview, he stated, “We will not serve a single user, not serving a single trade in the EU until we have the ability to return customers’ funds.” 

A Rising Star In Crypto? 

Founded in 2022, Backpack has already made a mark in the industry. Ferrante, who previously worked at Alameda Research and played a pivotal role in developing the Solana blockchain, brings valuable experience to the table.

Co-founder Tristan Yver also has a background as a former executive at FTX. Backpack secured a virtual-asset service provider license in Dubai and is currently pursuing a license to operate in Japan, having raised $17 million last year at a valuation of $120 million.

With the acquisition of FTX EU, Backpack is positioned to offer regulated crypto derivatives products, including perpetual swaps—futures contracts that do not expire—across the European Union. 

Related Reading: Bitcoin Joins Top 10 Global Assets, Claiming The 7th Spot—Report

The regulated crypto derivatives market in Europe has become increasingly appealing to various crypto firms, as evidenced by Coinbase Global Inc.’s recent acquisition of a Cyprus-based brokerage unit, which also secured a MiFID II license.

“Derivatives make up an enormous amount of crypto trading volume,” Ferrante remarked, expressing enthusiasm for the opportunity to reintegrate crypto derivatives trading in the EU. 

As the market evolves, firms like Backpack are poised to play a crucial role in shaping the future of crypto trading by offering innovative and regulated products that cater to the growing demand.

FTX
The daily chart shows FTT’s price trending downwards. Source: FTTUSDT on TradingView.com

At the time of writing, FTT, the defunct exchange’s native token, is trading at $3, following the broader market correction with a drop of nearly 11%. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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