Backpack Reemerges After FTX Ties With Growing User Base and New Vision

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After losing 80% of its operating capital in the FTX collapse, Backpack nearly folded.

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“It was like an on-the-ground knockout and [we] needed to be resuscitated back to life,” said co-founder Armani Ferrante.

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But since then, the team has rebuilt—pivoting from wallet infrastructure to launching a smart contract-powered exchange that now serves over 420,000 users.

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Ferrante credits the traction to both timing and a product that resonates:

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“We have caught lightning in a bottle in a weird way,” he told TechCrunch. “People just started talking about Backpack as this new up-and-coming exchange” that’s applying hard-earned lessons from past failures.

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Backpack now holds regulatory licenses in Dubai and Cyprus, and is expanding its offerings beyond just exchange functionality.

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“The collapse of FTX was horrible,” Ferrante reflected, “but looking glass half full, it’s like a phoenix rising from the ashes.” With a growing user base and a broader product roadmap, he added, “We want to seize the moment... that opportunity exists this year.”

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