Cryptocurrency platform Backpack has launched a specialized platform enabling creditors of the collapsed exchange FTX to sell their claims with zero fees.
The initiative aims to help maximize creditor recoveries by eliminating platform charges, a significant friction point often reducing net proceeds in traditional claim sales.
Integrated identity verification (KYC) and anti-money laundering (AML) checks ensure security and regulatory compliance. Creditor claims are also validated for authenticity upon submission.
The platform facilitates price discovery by allowing creditors to review competing offers from multiple institutional buyers. Creditors can then select the most favorable offer available.
Backpack emphasizes that its process prioritizes transparency and fairness. This approach contrasts with often opaque and manually negotiated traditional claims trading avenues. The move aligns with Backpack’s broader mission to foster greater trust and stability within the digital asset ecosystem by streamlining complex financial processes.