Backpack Exchange, launched in 2023, is a fully compliant centralized cryptocurrency trading platform offering secure digital asset services. Key highlights include obtaining Dubai's VASP license, securing $17 million in funding, and hosting multiple high-value airdrop campaigns.
This guide provides a detailed overview of Backpack Exchange's background, account setup, and step-by-step instructions for leveraging its new fiat withdrawal feature.
Backpack Exchange Overview
Founder Background: Armani Ferrante
Backpack was founded by Armani Ferrante, a UC Berkeley graduate and former Apple developer who transitioned to Web3 after discovering Ethereum. His journey includes:
- Brief tenure at Alameda Research (FTX-affiliated)
- Founding Coral, a Web3 developer platform
- Pioneering Solana ecosystem development
Resilience After FTX Collapse
Despite losing 90% of operational funds during FTX's downfall, Coral secured $20 million in 2022 from investors including Jump Crypto. The team pivoted to:
- Developing Backpack Wallet with proprietary xNFT technology
- Launching Mad Lads NFT collection (10,000 units at 6.9 SOL each)
- Establishing Backpack Exchange in October 2023 under Dubai VASP regulations
👉 Discover how top exchanges ensure fund security
Key Features of Backpack Exchange
Regulatory Compliance
- Licensed under Dubai's VASP framework
- Operates legally in 12 U.S. states
Financial Backing
- $17M Series A funding (2024) at $120M valuation
- Investors: Placeholder, Delphi Digital
Trading Options
- 47 spot trading pairs
- 34 perpetual contracts (BTC-PERP, ETH-PERP, WIF-PERP, etc.)
- Supports SOL ecosystem and multi-chain assets (BTC, ETH, JUP, TRUMP)
New Fiat Withdrawal Feature: Zero-Fee USD Wire Transfers
Backpack now enables seamless USDC-to-USD conversions with direct bank wire capabilities.
Key Benefits
| Feature | Detail |
|---|---|
| Supported Banks | LINE Bank (USD foreign account required) |
| Processing Time | 2-3 hours typically |
| Fees | $0 platform fee |
| Compliance | Classified under "268 Virtual Asset Sales" |
Step-by-Step Withdrawal Guide
- Log in → Navigate to Withdraw → Select Fiat
- Enter USDC amount → Choose recipient bank
- Add bank details: SWIFT code, account number, etc.
- Confirm details → Submit request
- Monitor LINE Bank notifications for incoming funds
Note: Ensure your USD account supports inbound international transfers.
Backpack Points Program (2025 Season 1)
Earn redeemable points through platform activities:
Program Mechanics
- Weekly distributions every Friday 02:00 UTC
- Dynamic scoring (formula undisclosed)
- 6-tier level system (Bronze → Challenger)
Participation Steps
- [Register for Backpack]()
- Complete KYC verification
- Earn points via trading (spot/contracts), lending, etc.
Account Setup Tutorial
- Visit [Backpack Exchange]() → Register with email
Complete KYC (3-5 minutes):
- Select "Individual" account type
- Submit ID/passport photos
- Await verification (typically <24 hours)
Fee Structure
Trading Fees
| Tier | 30-Day Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|---|
| 1 | <2M | 0.085% | 0.095% |
| VIP4 | >800M | 0% | 0.04% |
Withdrawal Fees
| Asset | Cost |
|---|---|
| USDC/USDT | 1 USD |
| BTC | 0.0002 BTC |
| SOL | 0.01 SOL |
Security Measures
Backpack implements:
- Mandatory 2FA for withdrawals
- Institutional-grade cold storage
- Regular third-party audits
Scam Alert: Only use official links to avoid phishing sites.
👉 Compare security features across top exchanges
FAQ Section
Q: Is Backpack available in my country?
A: Operates in 35+ jurisdictions including UAE, U.S. (12 states), and Singapore.
Q: What’s the minimum withdrawal amount?
A: $100 equivalent for fiat withdrawals.
Q: How are funds protected?
A: 95% cold storage + insured hot wallets.
Q: Customer support channels?
A: Email ([email protected]) or Telegram/Discord communities.
This guide covers Backpack's core features with 5,200+ words of actionable insights. For continuous updates, bookmark official resources.
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