Web3 Wallet Backpack has launched a registered crypto business in Dubai after receiving a Virtual Asset Service Provider (VASP) license. This approval allows Backpack to offer a regulated cryptocurrency exchange service in the city. The company plans to launch its Backpack Exchange platform in private beta for members in November 2023, with a public launch scheduled for early 2024. The beta version will include spot crypto trading functionality. It's important to note that the license only covers the crypto exchange and not other digital asset services offered by Backpack. The company aims to create a next-generation exchange that incorporates features such as zero-knowledge proofs of reserves, Multi-Party Computation (MPC) for custody, and low latency order execution. The CEO and founder of Backpack, Armani Ferrante, emphasizes the importance of transparency and verifiability in the crypto space. Dubai's VARA has been granting licenses to various crypto businesses, but the process is rigorous and only approves responsible participants. The spokesperson for VARA praises Backpack Exchange for prioritizing investor protection and risk assurance. The Backpack Exchange team plans to add trading functionalities like derivatives, margin, and cross-collateral. The compliance team has experience with industry players like Barclays, State Street, HSBC, and Coinbase. Backpack is developed by Coral, a company that also leads the NFT project Mad Lads.
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