Former FTX employees successfully raise $17 million to build a new cryptocurrency trading platform.
FTX was the second most popular cryptocurrency trading platform, primarily known for its high-profile promotional activities among celebrities. In November 2022, FTX went bankrupt after Coindesk, a popular cryptocurrency news media outlet, reported on the company’s true financial condition. FTX’s sister company Alameda Research was also one of the popular cryptocurrency hedging firms, but went bankrupt along with FTX.
According to a recent report from Bloomberg, some former employees of FTX and Alameda Research have teamed up to raise $17 million to launch a new cryptocurrency exchange, BackPack.
The leaders of this new startup raised funding at a valuation of $120 million. With this new cryptocurrency trading platform, they aimed to fill the void left by former FTX CEO Sam Bankman-Fried (SBF).
Sun, co-founder of this new cryptocurrency startup and former general counsel at FTX, has been successful in attracting cryptocurrency investors to use the BackPack platform.
Many of the former FTX employees are eager to provide a better level of service to cryptocurrency traders through BackPack, and Sun has already gained tremendous experience during his tenure at the FTX exchange, helping to ensure that this new cryptocurrency trading platform will not face any legal issues. It will help you fight back.
It’s worth noting that this latest decision comes just a few months later when FTX’s current leadership announced plans to liquidate FTX infrastructure. This is because investors could not be persuaded to invest in the FTX exchange to resume service.
FTT Token Misleads Crypto Investors
FTT is the native token of the FTX cryptocurrency exchange and its current trading price is $1.73.
Already, FTX Bankruptcy leadership has confirmed that there are no plans to include or use the FTT token in cryptocurrency-related services, but strangely enough, many people are trading this token incorrectly.
The current market capitalization of this token is $571 million, which is a very large figure for a worthless cryptocurrency token.
Also Read: Senator Warren, who hates cryptocurrencies, says the cryptocurrency sector should follow all traditional financial rules.