Key Takeaways:
- FTX EU Acquired for $32.7M: Backpack Exchange has purchased FTX EU, securing a MiFID II license and aiming to dominate Europe’s crypto derivatives market.
- Exclusive Regulated Perpetual Futures: Backpack becomes the sole provider of live perpetual futures in the EU, targeting a Q1 2025 launch under MiCA regulations.
- Strategic Expansion in Crypto Trading: The firm plans to launch a suite of crypto products, leveraging its Solana ecosystem roots and $17M in funding to challenge competitors like Deribit.
Backpack Exchange has acquired FTX EU, the European division of the now-defunct crypto exchange FTX, for $32.7 million.
FTX EU, previously regulated under a MiFID II license by the Cyprus Securities and Exchange Commission, now positions Backpack as the sole provider of regulated perpetual futures across Europe.
Backpack has acquired FTX EU and its MiFID II License.
— Backpack 🎒 (@Backpack) January 7, 2025
Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.
Crypto perps trading is coming back to Europe 🇪🇺 pic.twitter.com/ExxYFufZHj
Backpack’s CEO, Armani Ferrante, highlighted plans to launch services under the EU’s Markets in Crypto Assets (MiCA) framework by early 2025.
The acquisition sets Backpack apart in Europe’s crypto derivatives market, as competitors like Coinbase and Bitstamp, though licensed under MiFID II, do not offer live perpetual futures.
Ferrante noted that after reimbursing FTX EU customers, the company’s priority will be introducing a regulated perpetual futures product.
Backpack also aims to provide a full suite of crypto trading options, though some may launch after the first quarter of 2025.
The move underscores Backpack’s ambition to challenge dominant players like Deribit, which leads in perpetual and options trading.
Backpack’s leadership, with ties to Solana and FTX, recently raised $17 million to fuel expansion.
By leveraging its regulatory advantage and diverse product lineup, Backpack seeks to reshape Europe’s competitive crypto derivatives market.
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