Cryptocurrency change Backpack based by ex-FTX workers has onboarded Citibank skilled to function its head of audit.
Crypto buying and selling platform Backpack has onboarded banking veteran Laurence King to function the corporate’s head of audit in an effort to underscore the change’s dedication to transparency and audit integrity.
In a Jul. 2 press launch, the crypto change highlighted King’s almost 30 years of expertise in main audit and danger capabilities, most just lately at Citibank the place he served as head of audit in varied APAC areas. King’s profession additionally contains government roles at Morgan Stanley, Deutsche Financial institution, and JP Morgan Chase.
With King on board, the change seemingly goals to stick to stringent regulatory necessities throughout totally different jurisdictions, improve transparency to customers, and set new audit requirements throughout the business.
“Regardless of having solely launched in November 2023, Backpack has already demonstrated a robust dedication to compliance and accountability […].”
Laurence King
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Backpack CEO Armani Ferrante commented on King’s appointment, noting that the crypto business has witnessed “insufficient inner controls at centralized crypto exchanges,” resulting in “important failures.” Ferrante emphasised the significance of bringing in experience from conventional finance to determine “new requirements for transparency, auditability, and accountability.”
Based in 2023 by former workers of FTX and Alameda Analysis, Backpack has raised $17 million in Sequence A funding, led by Placeholder VC, with participation from Hashed, Robotic Ventures, Amber Group, Wintermute, and Selini. Backpack’s CEO Armani Ferrante was an early worker on the now-bankrupt hedge fund Alameda Analysis, whereas co-founder Can Solar beforehand served as common counsel at FTX.
Learn extra: New crypto change Backpack began by former FTX and Alameda execs