Backpack Launches Regulated Crypto Exchange in Dubai with VARA License

Backpack, a Solana-based NFT wallet app, has announced the upcoming launch of its regulated cryptocurrency exchange, Backpack Exchange, which has received a Virtual Asset Service Provider license for Exchange Services from the Dubai Virtual Assets Regulatory Authority. The exchange is built around technologies like zero-knowledge proof of reserves and multi-party computation and aims to prioritize investor protection and risk assurance. Backpack Exchange will initially launch in private beta for members of Coral's existing communities and plans to open to the general public in the first quarter of 2024, starting with spot trading of cryptocurrencies and later expanding to derivatives and margin trading.

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