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Backpack Exchange, a platform created by former FTX and Alameda employees, has acquired FTX EU.
What’s the Scoop?
- Acquisition and License Deal: Backpack Exchange acquired FTX EU and its MiFID II license to offer crypto derivatives across the EU.
- Client Repayments: The current acquisition deal includes a pledge to repay FTX EU clients who were affected by the collapse.
- Wen Launch?: Backpack EU is set to launch in Q1 of 2025 and will include perpetual futures on their platform.
Bankless Take:
With the scars from the collapse of FTX is still visible, it is awfully surprising to see a buyer for this particular asset. By obtaining a MiFID II license, Backpack Exchange has positioned itself to become a rising competitor in Europe's markets and appears to be leveraging the groundwork laid by FTX EU to further their efforts.
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