The success of the wallet crypto exchange is a sign of a growing industry: Founder
The success of the recently launched Wallet exchange was a testament to the growing crypto industry's need for more trusted exchanges, Wallet founder and CEO Armani Ferrante told Cointelegraph in an exclusive interview on February 27.
“What we saw was finally proof of the thesis that the world needs a new trustworthy crypto exchange,” he said.
Backpack crossed $1 billion in 24-hour volume on February 18, four days after its pre-market launch. According to CoinGecko data, the exchange's daily trading volume fell 6.4% to $296 million.
Crypto investors are looking for more transparent solutions following the black swan events in both decentralized finance (DeFi) protocols and legacy financial institutions over the past two years, Ferrante told Cointelegraph.
“We're at this inflection point in the industry where we're emerging from the ashes of FTX, as you mentioned, but bringing the industry to a level of maturity. This includes everything from security to compliance and building trust in the world.
By 2023, several large regional banks had failed in the United States, including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. In Switzerland, Credit Suisse, the country's second-largest bank, collapsed in March. Credit Suisse was bought by the country's central bank, UBS, on March 19, amid efforts by Swiss authorities to avert a banking sector collapse.
According to Ferrante, crypto can greatly improve on the shortcomings of previous financial products, something the founder plans to accelerate in the future. he said:
“We are excited to bring to the world many real tangible benefits of blockchain technology to build the next generation of financial infrastructure. We have a huge opportunity and I think a lot of it is already proven.”
Ferrante added that the exchange is focused on international expansion. Backpack received a virtual value service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023. The Solana-based exchange secured several other operating licenses in various jurisdictions around the world in the latter half of 2023.
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