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Highlights
- FTX EU acquired by Backpack Exchange for $32.7 million.
- Backpack plans to launch regulated crypto derivatives across Europe, starting with perpetual futures.
- The firm aims to go live in Q1 2025, capitalizing on the MiFID II license.
In a significant move within the crypto industry, Backpack Exchange has acquired FTX's bankrupt European arm, FTX EU, for $32.7 million. The acquisition provides Backpack with the MiFID II license under the Cyprus Securities and Exchange Commission (CySEC), enabling the company to expand its offerings in the European crypto derivatives market.
The transaction comes at a pivotal time as the European crypto landscape evolves with the implementation of the Markets in Crypto Assets (MiCA) regime. This move positions Backpack Exchange as one of the few firms with the MiFID II license, giving it the ability to provide crypto-asset services across Europe.
Focus on Perpetual Futures and Regulatory Compliance
Backpack Exchange plans to utilize its new European arm to offer a comprehensive suite of crypto derivatives across the EU. The company is initially focusing on offering regulated perpetual futures, which currently set Backpack apart as the only provider of such products in the European market. The firm is confident in its ability to carve a niche within the growing market for crypto derivatives, especially as firms like Bitstamp and Coinbase have yet to offer perpetual futures despite having MiFID II licenses.
According to CEO Armani Ferrante, Backpack Exchange’s MiCA notification has already been submitted, and the firm is on track to launch in the first quarter of 2025. Once the customer funds from FTX EU are returned, Backpack is set to prioritize the launch of its regulated perpetual futures product.
Industry Competition and Market Opportunity
While other crypto trading firms such as Bitstamp, Coinbase, and D2X have made strides in acquiring MiFID licenses, Backpack’s unique position as the first to offer regulated perpetual futures could give it a competitive edge in the rapidly expanding European crypto derivatives space. The firm’s founders have strong ties to the Solana ecosystem and have previously established a successful wallet and NFT business, further strengthening Backpack’s reputation in the market.
This acquisition signals Backpack's long-term commitment to leading the crypto derivatives sector in Europe and developing a full suite of products for its users. The firm’s ability to leverage its MiFID II license and establish a regulated platform for crypto trading will likely have far-reaching implications for the European crypto industry.
As Backpack Exchange prepares to go live in 2025, it will be keenly watched by industry observers and competitors, as it looks to dominate the next phase of crypto derivatives trading in Europe.
