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How crypto exchange Backpack climbed its way to success after its major investor FTX died

Backpack’s founders, who are building a crypto exchange and wallet, have experienced strong growth since launching in 2022. But the road wasn’t easy. FTX

We spent all this time building this protocol and it was like an on-the-ground knock-out and [we] needed to be resuscitated back to life,” Armani Ferrante, co-founder of Backpack and the NFT collection Mad Lads, told TechCrunch. Unlike FTX, Backpack designed their exchange’s system to make sure that balances are controlled by independent entities, or nodes, that can collectively validate each other so that every order, cancellation, deposit, withdrawal and so on are checked. The team’s fresh capital will be used toward global expansion as Backpack wants to reach 95% of the world’s GDP by the end of 2024 “to compliantly serve customers,” Ferrante said.

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