---
title: "How crypto exchange Backpack climbed its way to success after its major investor FTX died"
url: https://daily.dev/posts/how-crypto-exchange-backpack-climbed-its-way-to-success-after-its-major-investor-ftx-died-c3oy2rw6k
source_url: https://techcrunch.com/2024/03/19/how-crypto-exchange-backpack-climbed-its-way-to-success-after-its-major-investor-ftx-died/
type: article
source: "TechCrunch"
published: 2024-03-19T16:22:34.111Z
updated: 2024-05-09T09:06:08.895Z
tags: ["nft"]
reading_time: 4
upvotes: 0
comments: 0
language: en
---

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# How crypto exchange Backpack climbed its way to success after its major investor FTX died

**[TechCrunch](https://daily.dev/sources/tc)** · 4 min read · 0 upvotes · 0 comments

## Summary

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.

## Full article

daily.dev links to this article rather than hosting it. Read it at the original source: <https://techcrunch.com/2024/03/19/how-crypto-exchange-backpack-climbed-its-way-to-success-after-its-major-investor-ftx-died/>

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---

Tags: [#nft](https://daily.dev/tags/nft)

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