Backpack, a crypto exchange and wallet platform, is preparing to launch its services in multiple U.S. states later this year, pending license agreements. Founder and CEO Armani Ferrante has stated that the U.S. has always been a top priority, despite the company’s previous focus on markets with more streamlined regulations, such as Dubai, Japan, and Europe. Backpack recently secured registration in Cyprus to serve the European Union.
A key feature of Backpack’s U.S. launch will be its emphasis on transparency and trust minimization, a direct response to the lessons learned from the collapse of FTX, where Ferrante and other employees lost funds. The exchange currently offers a daily proof of reserve, allowing users to verify their holdings at any time. Ferrante argues that financial institutions must be verifiable in real time, not just through periodic reports, to prevent the dangers of opaque systems.
The move to the U.S. coincides with a changing regulatory debate, with a new administration signaling a more pro-crypto stance. While Backpack’s exchange services will be new to the U.S. market, the company has maintained a strong presence through its self-custodial wallet service, which has remained unregulated. According to Ferrante, the platform has more employees and users in the U.S. than in any other country.
Backpack, which acquired the former FTX EU to help refund its customers, currently has over $170 billion in assets and supports perpetual contracts across more than 40 trading pairs. Ferrante believes the U.S. launch will significantly boost the company’s growth, allowing it to quickly capture a share of the market he considers to be the world’s largest.
September 2025, Cryptoniteuae
