News

Backpack to launch crypto exchange in Dubai

Oct 31, 2023 By Nik Pratt
Web3 wallet and NFT provider Backpack is set to launch a regulated cryptocurrency exchange in Dubai after receiving a licence from the Dubai Virtual Assets Regulatory Authority (VARA). The licence grants Backpack Exchange the clearance to operate in Dubai. However, it will not cover any of the firm’s other digital asset products or crypto-related services. According to Backpack, the exchange will use zero-knowledge proof of reserves, multi-party computation for custody and low-latency order execution. Backpack Exchange will launch in private beta for existing Backpack customers in November with spot crypto trading functionality with a full launch scheduled for the first quarter of 2024. "It's time to put an end to the days of opaque crypto exchanges representing everything our industry stands against,” said Armani Ferrante, Backpack CEO and founder. “It shouldn't be normal to use an exchange with a single point of failure, without proof of reserves, or without audibility. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that.” ©2023 funds global mena

Opinion

Change brings progress and long-term opportunities in Saudi Arabia

Saudi_ArabiaNaomi Waistell, an emerging markets fund manager at Polar Capital, analyses change in Saudi Arabia – a hydrocarbon country with green ambitions and which is set on a major economic...

New income streams

Romil_PatelAlthough it is awash with oil and, therefore, capital, the Gulf region is at a critical juncture: it must diversify its...

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

ALL INTERVIEWS

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

ALL ROUNDTABLES