Backpack Exchange, helmed by ex-employees of FTX and Alameda Research, has strategically entered the European crypto market by acquiring FTX's European subsidiary. The acquisition deal, valued at $32.7 million, is set to enhance Backpack's range of derivatives offerings. This move marks a significant step in the company's efforts to solidify its position in the competitive crypto space.
With this recent acquisition, Backpack Exchange aims to leverage the legacy and resources of the defunct FTX platform, hoping for a successful comeback in the volatile market. Bloomberg reported the acquisition as a part of Backpack's ongoing expansion initiatives.
