Former Executives Purchase FTX EU to Expand Cryptocurrency Trading Platform into Europe
news
1 min read
Title: Former FTX Execs Buy FTX EU to Expand Backpack Exchange in Europe
In a surprise move, former FTX executives have purchased FTX EU, marking a significant development in the European crypto landscape. The acquisition is expected to facilitate the expansion of Backpack Exchange, a popular cryptocurrency trading platform, into new markets across the continent.
FTX EU was previously a subsidiary of FTX, the now-defunct cryptocurrency exchange founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019. Following the collapse of FTX in November 2022, the former executives have seized the opportunity to revitalize the company and redirect its focus towards supporting innovative blockchain projects.
“We are thrilled to announce this strategic acquisition,” stated an anonymous spokesperson for Backpack Exchange. “FTX EU has a strong foundation, and we aim to leverage its existing infrastructure to accelerate our growth in Europe. Our commitment to fostering a decentralized ecosystem is unwavering, and this move underscores our dedication to empowering the blockchain community.”
Backpack Exchange has been gaining traction globally due to its unique feature set, including advanced trading tools, high-yield staking options, and innovative yield farming strategies. The acquisition of FTX EU will enable the company to establish a stronger foothold in the European market, where it can engage with local developers, influencers, and traders.
In related news, Tether boosted its Bitcoin reserves amid regulatory tension surrounding MiCA’s implementation in Europe.
Source: cryptoslate.com
