Backpack Acquires FTX EU for $32.7 Million and 110,000 Users

Backpack, a crypto wallet and exchange favored by Solana users, has acquired FTX EU for $32.7 million. Key points include:

- The acquisition provides access to over 110,000 former FTX EU users and a European regulatory license.
- Backpack aims to expedite the distribution of bankruptcy claims to former customers of FTX EU.
- The deal took eight months for regulatory due diligence after being signed in April 2024.
- Backpack now must manage bankruptcy claims, which it did not have to do previously.
- The MiFID II license allows Backpack to offer trading services, including perpetual futures in Europe.
- Currently, there are no compliant crypto perpetual futures offerings in the European market.

This acquisition positions Backpack to enhance its trading capabilities in a significant market.