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Backpack Confirms Licence for Regulated Cryptocurrency Exchange in Dubai!

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Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Digital wallet provider Backpack has secured a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority to launch a regulated cryptocurrency exchange. The Dubai-based firm’s exchange is set to begin testing in November and will offer zero-knowledge proof of reserves, multi-party computation for custody, and low-latency order execution. The exchange will be open to the general public in Q1 2024 and will offer derivatives, margins, and cross-collateral. Backpack CEO Armani Ferrante said the exchange would be transparent, with proof of reserves and auditability. The former Alameda Research engineer’s Coral Exchange collapsed earlier this year.

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