Backpack Exchange, founded by former executives of bankrupt exchange FTX, has recently launched its test version trading platform. The official announcement on X platform yesterday stated that the 24-hour trading volume of Backpack Exchange has exceeded $600 million. This article will provide readers with background information on Backpack, as well as tutorials on registration and airdrops.
Table of Contents:
1. What is Backpack Exchange?
2. Backpack Exchange Airdrop Tutorial
3. Backpack Exchange Registration Tutorial
Cryptocurrency wallet and exchange Backpack was officially founded by Coral, a framework development company of public chain Solana, as early as 2022. In November of last year, the Backpack team announced the launch of a cryptocurrency exchange called Backpack Exchange. The exchange has obtained regulatory licenses from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to provide virtual asset trading services to qualified investors and institutions in Dubai.
It is worth noting that Backpack Exchange was founded by Can Sun, former legal counsel of FTX, a bankrupt exchange. The key members include CEO Armani Ferrante, Claire Zhang, and Sun’s former legal deputy. They claimed to learn from the lessons of FTX and focus on the concept of “self-custody” and the use of multi-party computation to enhance the security of user wallets.
To attract users, Backpack Exchange previously collaborated with Pyth Network, a prophecy machine project on Solana, for an airdrop activity. Users only needed to register an account on Backpack Exchange, complete the KYC process, and deposit SOL tokens during the specified time to receive PYTH token rewards. Although the airdrop activity with Pyth Network has ended, Backpack Exchange has officially launched a trading volume boosting program this month. The official announcement on the 14th clearly stated that rankings will be determined by trading volume, indicating that the next wave of airdrops may be approaching. Therefore, participation in the trading volume boosting program is still worthwhile. The specific steps are as follows:
1. Register an account on Backpack Exchange.
2. Complete KYC verification.
3. Deposit SOL or USDC.
4. Buy and sell SOL/USDC to increase trading volume.
5. After completing the program, it is recommended to keep a certain amount of funds and regularly interact with the platform.
Currently, Backpack Exchange has officially launched its test version platform. The registration process is as follows:
1. Register an account on Backpack Exchange and complete email verification.
– Prepare an email.
– Set a password (must contain a mix of uppercase and lowercase letters, numbers, and special characters, and cannot contain spaces).
2. Complete KYC verification to comply with anti-money laundering and sanction regulations.
– Account type: Select Individual account.
– Personal Information: Enter your personal information, which takes approximately 5 minutes.
– Identity verification: Upload identification documents and undergo facial verification.
Due to the team’s background as former executives of FTX, the close relationship with Solana, and the potential expectation of airdrops, Backpack Exchange has indeed attracted attention from the cryptocurrency community. However, it remains to be seen whether Backpack Exchange can truly provide safer trading services for investors after learning from the lessons of FTX. It is worth our continued attention.
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