Backpack, a leading player in the Web3 digital wallet space, has announced plans to enter the cryptocurrency exchange space.
Backpack Enters the Crypto Exchange Arena with Dubai Regulatory License
This move comes on the heels of obtaining a crucial license from the Dubai Virtual Assets Regulatory Authority (VARA).
In a statement from Backpack, a startup originating from crypto infrastructure firm Coral, it was stated that their new exchange will operate under robust regulatory oversight.
VARA has granted Backpack status as a Virtual Asset Service Provider (VASP), ensuring compliance and adherence to industry best practices.
According to the announcement, Backpack Exchange is preparing to revolutionize this field with its innovative features.
These features include a state-of-the-art zero-knowledge reserve proof (zk-proofs) mechanism, as well as Multi-Party Computing (MPC) for custody and the integration of a high-performance, low-latency order execution system.
VARA, as the supervisory authority, has the authority to regulate all virtual asset activities in the Emirate of Dubai.
This approval marks an important step in ensuring a safe and transparent environment for cryptocurrency transactions.
The new exchange will launch in beta in November before launching to the general public in the first quarter of 2024, Backpack said in a statement.
*This is not investment advice.
