Backpack, a crypto exchange and wallet, experienced significant growth despite the collapse of its major investor, FTX. It achieved a trading volume of $27.5 billion during its beta phase and added 252,000 KYC'd users. Backpack's design aims to address the issues exposed by FTX, ensuring no single point of failure and enabling the operations of the exchange to be distributed across multiple entities. The company is also expanding into the world of xNFTs and plans for global expansion.
