{"id":184498,"date":"2023-10-31T19:39:30","date_gmt":"2023-10-31T14:09:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184498"},"modified":"2023-10-31T19:39:30","modified_gmt":"2023-10-31T14:09:30","slug":"mad-lads-creator-backpack-to-launch-licensed-crypto-exchange-in-dubai-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/mad-lads-creator-backpack-to-launch-licensed-crypto-exchange-in-dubai-crypto-news\/","title":{"rendered":"Mad Lads creator Backpack to launch licensed crypto exchange in Dubai &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Backpack, the Web3 wallet firm behind the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/mad-lads-nft-sales-in-first-week-launch\/\">Mad Lads<\/a> non-fungible token (NFT) collection, announced today that it is launching a cryptocurrency exchange after receiving a license from the Dubai Virtual Assets Regulatory Authority (VARA).\u00a0<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/ftx-co-founder-gary-wang-testifies-bankmanfried-trial\/\">Little-known FTX co-founder Gary Wang testifies in Sam Bankman-Fried trial<\/a><\/p>\n<h3 class=\"wp-block-heading\">Fast Facts<\/h3>\n<ul>\n<li>VARA\u2019s virtual asset service provider (VASP) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.vara.ae\/en\/licenses-and-register\/public-register\/trek-labs-ltd-fze-trading-as-backpack-exchange\/\">license<\/a> allows firms to offer crypto services to qualified investors and institutional customers in Dubai.\u00a0\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Dubbed Backpack Exchange, the trading platform will launch its beta version next month and open for the general public in the first quarter of 2024, Backpack announced in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/backpack-announces-launch-of-cryptocurrency-exchange-backpack-exchange-receives-approval-for-vasp-license-from-the-dubai-virtual-asset-regulatory-authority-301972208.html\">press release<\/a> on Tuesday.<\/li>\n<\/ul>\n<ul>\n<li>The platform will use zero-knowledge proofs, a verification method that will be used to validate the exchange\u2019s reserves. Backpack said it will also use multi-party computation, a security protocol that allows multiple entities to custody assets, as well as low latency trading, an algorithmic trading process designed for faster executions.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Backpack said has secured additional operational licenses in other jurisdictions over the past months.<\/li>\n<\/ul>\n<ul>\n<li>Backpack\u2019s Solana-based NFT collection Mad Lads sales rose 357% in the 24 hours leading up to 9:20 p.m. in Hong Kong, to US$588,856, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cryptoslam.io\/\">CryptoSlam<\/a>. Despite the sales increase, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/topic\/index\/fksol\/\">Forkast SOL NFT Composite<\/a> fell 1.59% to 607.02 points.<\/li>\n<\/ul>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/crypto-trust-trial-bankman-fried-faces-judgment\/\">Crypto trust on trial: Bankman-Fried faces judgment<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Backpack, the Web3 wallet firm behind the Mad Lads non-fungible token (NFT) collection, announced today that it is launching a cryptocurrency exchange after receiving a license from the Dubai Virtual Assets Regulatory Authority (VARA).\u00a0 See related article: Little-known FTX co-founder Gary Wang testifies in Sam Bankman-Fried trial Fast Facts VARA\u2019s virtual asset service provider (VASP) [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":112946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-184498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=184498"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184498\/revisions"}],"predecessor-version":[{"id":184499,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184498\/revisions\/184499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/112946"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=184498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=184498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=184498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}