The backpack exchange, a global cryptocurrency trading platform, said Monday that its European Division, the EU backpack, is officially living.
Running outside Cyprus and licensed under the Mifid II framework of the European Union, the exchange positions itself as one of the first fully regulated areas in Europe to offer crypto derivatives, starting with eternal futures.
“As far as I know, it will be the US and Kraken” in Europe who offers eternal futures, Armani Ferrante, the CEO of the backpack, said in an interview with CoinDesk.
The debut follows the FTX EU backpack earlier this year. In January, FTX Bankruptcy Estate said the sale of FTX EU in the backpack was not permitted. Since then, the issue has been resolved and In April the exchange began distribution Funds to former FTX EU customers, who have fulfilled their commitment to compensate for users affected by the collapse of Sam Bankman-fried Crypto Empire.
The EU’s backpack will provide access to more than 40 trading pairs with up to 10x action, the team said in a statement. The platform said aimed at giving both retail and institutional traders a following gateway to advanced crypto trading products.
Rollout also featured a broader backpack approach of rebuilding confidence in digital assets following a string of exchange failures.
“You give confidence by doing good things every day -it’s been a long time. It’s combined,” Ferrante said. “It takes time to come up with confidence and a single day to lose it. And in my opinion, in the end, our approach is always to try just to cure days and do the right thing in every step of the way.”
Part of that approach is to tap into its proof-of-reference system. Ferrante said the replacement publishes proof of its daily validation using zero-proven proofs. “This should be a bar. You can do this every day, no reason why you can’t,” he said.
Since 2024, the company has said it has processed more than $ 160 billion in the worldwide trade.
The team also plans to expand in other regions.
“We work exactly the same thing here in Japan,” Ferrante said. “Maybe that would be our next place when we turned our licensing respect.”
Read more: New FTX EU -owned Backpack starts with the customer’s claim process
