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Former FTX Execs Buy FTX EU to Expand Backpack Exchange in Europe
In a surprising move, former executives of the now-defunct FTX exchange have acquired FTX EU, a European subsidiary of the fallen crypto empire. The sudden shift marks an attempt by these individuals to revive their connection to the cryptocurrency space while expanding their new venture, Backpack Exchange.
FTX EU was previously a part of the FTX network, operating under the supervision of the Monetary Authority of Singapore and other regulatory bodies in Europe. Following FTX’s collapse, many were left wondering what would happen to its European operations. The acquisition by former FTX executives seems to be an effort to salvage at least some of the fallen exchange’s assets.
Backpack Exchange, which is a relatively new venture led by former FTX professionals, has been working on creating a decentralized platform for trading and financial services. This latest move can be seen as a strategic step towards expanding Backpack’s presence in the European market.
It remains unclear what exactly will happen to the existing FTX EU user base, trading infrastructure, or other assets that were once part of the now-defunct exchange. The former executives involved in this acquisition have not made any official statements on the matter.
Source: cryptoslate.com
