In an exclusive interview with Cointelegraph on February 27, Armani Ferrante, the founder and CEO of the recently launched Backpack cryptocurrency exchange, emphasized that the success of the exchange demonstrated the growing demand for trustworthy exchanges in the crypto industry.
Ferrante stated, “What we witnessed was essentially proof that the world requires a new and reliable crypto exchange.”
Within just four days of its trading pre-season launch, Backpack surpassed $1 billion in 24-hour volume on February 18. However, according to data from CoinGecko, the exchange’s daily trading volume decreased by 6.4% to $296 million in the 24 hours leading up to 4:30 pm UTC on February 27.
Ferrante explained that crypto investors are now seeking more transparent solutions, especially after experiencing significant disruptions in both decentralized finance protocols and traditional financial institutions over the past two years. He highlighted the collapse of several major regional banks in the United States in 2023, including Silicon Valley Bank, Signature Bank, and First Republic Bank. Additionally, Credit Suisse, Switzerland’s second-largest bank, collapsed in March and was acquired by UBS, the country’s central bank, in order to prevent a banking sector crisis.
Ferrante believes that the crypto industry can address the shortcomings of traditional financial products and aims to accelerate this improvement in the future. He stated, “We are determined to enhance and surpass the limitations of legacy financial systems.”
Furthermore, the CEO expressed the exchange’s commitment to global expansion. In October 2023, Backpack obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority. Throughout the latter half of 2023, the Solana-based exchange also acquired several operational licenses in various jurisdictions worldwide.
Relatedly, MicroStrategy recently acquired 3,000 BTC as the popularity of Bitcoin exchange-traded funds (ETFs) is expected to surpass that of gold ETFs.
Founder cites success of backpack crypto exchange as proof of industry's growth.