Backpack, known for its web3 universal wallet and its role in creating Solana's top NFT collection, Mad Lads, has announced its entry into the realm of regulated cryptocurrency exchanges. 💼📈

The trading arm of Backpack Exchange has received a Virtual Asset Service Provider (VASP) license to provide exchange services from the Dubai Virtual Asset Regulator (VARA). This strengthens Backpack's position in Dubai and ensures transparency in the digital currency industry. However, it's worth noting that the license only applies to Backpack Exchange and does not apply to Backpack's other virtual offerings.

Over the past five months, Backpack Exchange has been actively developing the next-generation platform, introducing innovative features such as zero-knowledge proof of reserves, advanced multi-party computing (MPC) techniques for asset protection, and fast order processing. Together with the Backpack wallet, users can expect an unparalleled experience, bridging the gap between traditional currency and the world of blockchain.

VARA plays an important role in the regulation of virtual assets, introducing a pioneering regulatory framework in 2023. The VASP license confirms their commitment to providing cryptocurrency projects with the ability to offer exchange services to a wide range of clients.

Backpack founder, Armani Ferrante, emphasized the importance of transparent crypto exchanges that adhere to the industry's core principles and called on the community to adopt a "Don't Trust, Verify" attitude.

Members of the Backpack and Mad Lads community can expect an exclusive closed beta launch this November, and the general public a full launch in the first quarter of 2024.