Backpack Confirms Licence for Regulated Cryptocurrency Exchange in Dubai!

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Digital wallet provider Backpack has secured a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority to launch a regulated cryptocurrency exchange. The Dubai-based firm’s exchange is set to begin testing in November and will offer zero-knowledge proof of reserves, multi-party computation for custody, and low-latency order execution. The exchange will be open to the general public in Q1 2024 and will offer derivatives, margins, and cross-collateral. Backpack CEO Armani Ferrante said the exchange would be transparent, with proof of reserves and auditability. The former Alameda Research engineer’s Coral Exchange collapsed earlier this year.