Crypto wallet, Backpack, receives a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) and as a result, it has launched Backpack Exchange.
Backpack’s VARA license is limited to crypto exchange in Dubai and does not allow the company to offer any other of its virtual asset products or services.
Backpack Enterprise Exchange offers low-latency order execution, multi-property computation (MPC) for custody, and zero-knowledge (ZK) proof-of-reserves, among other features, according to the announcement.
In addition, the announcement revealed that during the previous five months, Backpack Exchange had obtained operating licenses in several foreign jurisdictions.
Although the flagship Backpack Wallet is currently unregulated, it is intended to assist users in the future as they move from fiat to on-chain applications. CEO and co-founder of Backpack, Armani Ferrante, expressed his intention to “put an end” to the opacity of cryptocurrency exchanges.
Ferrante stated, “Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”