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From FTX-Backed to User-First: Backpack’s Bid to Rebuild Crypto Trust
Backpack Exchange, a crypto startup once funded by FTX, is distancing itself from its former ties by building an exchange focused on transparency, user control, and regulation. The company was part of a broader $100 million investment push by FTX and Alameda Research into early-stage startups.
Since the collapse of FTX, Backpack’s team—led by co-founder Armani Ferrante—has worked to build an alternative model that prioritizes security and accountability. The exchange integrates smart contract-based wallets to ensure users retain control over their assets, and has pursued licensing in multiple jurisdictions, including Dubai.