What is Backpack Exchange?
Backpack is a cryptocurrency exchange that focuses on security and transparency. The exchange was co-founded by some former FTX management and plans to use new technologies to protect users' funds. The exchange claims to be a regulated trading platform and is expected to begin testing in 2023 and begin official operations in the first quarter of 2024.
Backpack exchange background
The most special thing about Backpack’s background is that it was co-founded by senior executives of the FTX exchange, which went bankrupt at the end of 2023. According to reports from foreign media Coindesk, Backpack founder Armani Ferrante was previously a software development engineer at Alameda Research, and another Co-founder Tristan Yver has previously worked at FTX for more than 2 years.
The launch of Backpack also combined with Can Sun, the former general counsel of FTX. Armani Ferrante and Can Sun jointly established a new company Trek Labs in Dubai to operate the Backpack exchange. The company currently plans to sell 10% of the shares to investors. The valuation is expected to exceed $100 million. In addition, Can Sun also said it has hired other former FTX legal and compliance personnel to join the exchange.
Backpack’s NFT project
In April 2023, Backpack released the xNFT series Mad Lads on Solana and received enthusiastic attention. The transaction volume once jumped to the first place, even surpassing well-known NFTs such as BAYC.
Features of Backpack Exchange
Backpack Exchange features security and transparency. Founder Armani Ferrante once said that the development of this exchange was inspired by the bankruptcy and collapse of FTX. He said:
It’s time to end the era of opaque cryptocurrency exchanges, which represent everything our industry stands against. Using exchanges with single points of failure, no proof of reserves, or no auditability should not be normal.
Backpack uses multi-party computation (MPC) technology to ensure the security of funds and allows users to self-custody funds, which means that no one can use the user's funds except the user himself.
How to register for Backpack Exchange
Register using email address
First, you need to log in to the official Backpack website and press Sign up and use your email box to register. After registration, go to your mailbox to receive the certification letter and click on the specified URL. You can register successfully and go to the next step.
Identity verification KYC
Click Verify your identity to trade on Backpack at the top of the screen to start the KYC process.
Select the account type, select the left for individual users, and select the right for company accounts.
Enter the personal information you want to verify.
When finished, press Save & Continue
Next, you need to verify your identity document. It is more convenient to use your ID Card or Passport.
Face recognition is required here, and a device with a camera function is required for authentication.
After completing the above steps, you can complete the KYC certification!
Backpack Exchange Staking Airdrop Event
Backpack Exchange’s first staking event, as long as you pledge 5 SOL at the specified time, you will receive an airdrop of PYTH tokens.
The following information comes from the event information page of Backpack's official website. Readers are advised to refer to the officially published information:
Eligibility
- Register for a Backpack exchange account and complete the KYC verification process.
- Buy or deposit at least 5 SOL to your Backpack exchange account.
- Staking 5 SOL for at least 24 hours and staking at 12:00 UTC on November 20, 2023. (Taiwan time 2023/11/20 20:00)
- Staking will be open at 15:00 UTC on November 18, 2023 (Taiwan time 2023/11/18 23:00). You must stake before 11:59 UTC on November 19, 2023 (2023/11/19 19:59 Taiwan time) to be eligible for the airdrop.
- The transaction is expected to take place at 15:00 on November 18, 2023 (Taiwan time 2023/11/18 23:00).
Airdrop distribution method
- If you are eligible and have Mad Lad or Pyth Alligators (verified via wallet connection), you are guaranteed to receive the maximum allocation.
- If you meet the eligibility requirements and conduct trading activity on Backpack Exchange, you will receive PYTH tokens based on your trading volume, up to the maximum allocation.
- All other verified users who meet the eligibility requirements will have the opportunity to receive an allocation of PYTH tokens at our sole discretion.
- PYTH tokens will be distributed before 2:00 pm UTC on November 20, 2023 (2023/11/20 22:00 Taiwan time).
- Backpack Exchange reserves the final decision on all PYTH allocations. Accounts with suspicious or fraudulent activity will result in loss or reduction of allocations.
common problem
- Q: Can I withdraw my SOL?
A: Yes, you can freely withdraw your SOL after 2:00 pm UTC on November 20, 2023 (Taiwan time 2023/11/20 22:00). - Q: Can SOL be unstaking after staking?
A: Until after 12:00 UTC on November 20, 2023 (20:00 Taiwan time 2023/11/20). - Q: Can I have multiple verified accounts?
A: No. If we suspect that multiple verified accounts have been used, your account will be closed. - Q: Can I use an account verified in someone else's name?
A: No. If we suspect the use of an account verified in someone else's name, your account will be closed.
