The Solana ecosystem Web3 application Backpack will launch a cryptocurrency exchange and has obtained a VASP license issued by Dubai VARA

ChainCatcher news, Solana ecosystem Web3 application Backpack has announced the launch of a regulated cryptocurrency exchange, Backpack Exchange. Currently, Backpack Exchange has obtained a trading services Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will launch a beta version for existing Backpack and Mad Lads community members this November.

The beta version of Backpack Exchange will offer spot cryptocurrency trading services, with the public version set to go live in the first quarter of 2024. Backpack Exchange will also add trading features such as derivatives, margin, and cross-collateral. Backpack is an integrated Web3 application that acts as a non-custodial wallet, providing a crypto-native experience through xNFTs. xNFTs serve as native decentralized applications within Backpack, representing a portal for applications, games, and assets built on any chain.