[NEW] Solana-based NFT wallet Backpack to launch cryptocurrency exchange in Dubai

On the 31st, Backpack, an NFT wallet app based on Solana, announced that it has obtained a license as a cryptocurrency exchange service provider from VARA (Dubai Cryptocurrency Regulatory Authority) and will launch the cryptocurrency exchange Backpack Exchange.

Backpack has just released its iOS wallet app "Backpack" for iPhones. It supports both Ethereum (ETH) and Solana (SOL) chains and can handle FTs and NFTs.

Backpack is a wallet platform and has provided the initial mint of the Solana Chain-based NFT collection "MadLads".

One of the features of Backpack is that it handles "xNFTs". xNFTs are a new token standard on the Solana Chain developed by Coral, a Web 3.0 development company. xNFTs are called "Executable NFTs" and are said to have more value and potential than conventional NFTs.

Backpack Exchange is not yet open to the public, but you can sign up for the waiting list.

The VARA license covers Backpack Exchange, not other services within the Backpack app.

Backpack founder and CEO Armani Ferrante said in the announcement, "It's not normal to use an exchange that has a single point of failure, no proof of reserve, and is unauditable. Backpack Exchange wants to raise the bar for transparency and compliance to demonstrate the best this technology has to offer."

Backpack Exchange will launch in November as a private beta for existing Backpack and Mad Labs community members. According to the announcement, the exchange is expected to open to the public in the first quarter of 2024. It will start with spot cryptocurrency trading, then expand to derivatives and margin trading as Backpack obtains licenses around the world.

Reference:Announcement
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