- Backpack’s new exchange incorporates cutting-edge zk-proofs
- The wallet ensures a smooth transition from fiat to blockchain apps
All-in-one web3 wallet Backpack has announced the launch of a regulated cryptocurrency exchange after receiving a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), Bankless Times learned from a press release.
Backpack’s new exchange incorporates cutting-edge, zero-knowledge proof of reserves (zk-proofs), low latency order execution, and Multi-Party Computation (MPC) for custody. It has also set up premium fiat on and off ramps for users.
Exchange integrates with wallet to improve services
The combination of the exchange and Backpack Wallet, still an unregulated product, aims to ensure a smooth transition from fiat to blockchain applications. Wallet users can now carry out trades on the exchange right in the app. They already have access to a variety of unique dApps and NFTs.
Armani Ferrante, CEO and Founder of Backpack, stated:
It's time to put an end to the days of opaque crypto exchanges representing everything our industry stands against. It shouldn't be normal to use an exchange with a single point of failure, without proof of reserves, or without auditability. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer.
In November, Backpack Exchange will launch in private beta for existing Mad Lads and Backpack community members. It will go live publicly in the first quarter of next year.
Among the trading functions, which the exchange will work to add are margin, derivatives, and cross-collateral. Its compliance team, who boast decades of collective experience from Coinbase, HSBC, Barclays, State Street, and other reputable financial institutions, will keep working to obtain licenses from jurisdictions worldwide.
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