Backpack, one of the Web3 companies, is establishing a cryptocurrency exchange thanks to the license it received from the authorities in Dubai.
According to the statement made by Backpack, the stock exchange in Dubai Virtual Assets Regulatory Authority by a Virtual Asset Service Provider will be inspected as.
Company, New generation To establish a stock market in reserve evidence It will use zero-knowledge proof (zk-proof) and Multi-Party Computation protocols for storage operations.
Armani Ferrante, founder and CEO of Backpack, formerly worked at Alameda Research and FTX Ventures from a group of investors including Coral It had raised $20 million in investment for its project. Due to the collapse of FTX, Coral’s $14.5 million remained in the stock market.
Ferrante thinks about managing the exchange they are preparing to establish differently from FTX:
“It’s time to leave behind those opaque crypto exchanges that represent everything we stand against as an industry. “It should not be considered normal to use an exchange that has no auditability or proof of reserves.”
According to the Backpack statement, the stock market is expected to open with a beta version in November. The company’s plan is In the first quarter of 2024 to make it suitable for general use.