Recently, Can Sun (former advisor of FTX) and Armani Ferrante (former senior manager at Alameda and FTX) officially collaborated to establish a new cryptocurrency exchange called Backpack Exchange, with Trek Labs as the managing company.
The new exchange allows users to hold their funds in their “self-custodied” cryptocurrency wallets. Since it utilizes computational techniques from various partners, it requires approval from those parties when users want to make transactions. This enhances security and asset protection for users. A unique feature of Backpack Exchange is that users can verify their holdings at any time.
Trek Labs, based in Dubai, has received a license from the regulatory authority for cryptocurrencies in the Emirate. The exchange appears as an affirmation by the two founders to address the challenges left behind by FTX’s downfall in 2022. Importantly, they assert that the new exchange will gain trust and transparency in the post-FTX landscape.
“In the post-FTX world, you need trust and transparency to truly create an alternative solution for players.”
– Can Sun, former FTX advisor
Currently, Trek Labs is seeking investors with the goal of selling 10% of the company’s shares at a valuation of over $100 million USD. Trek Labs aims to launch the beta version of Backpack Exchange by the end of this month, providing users with a secure and transparent platform built on lessons learned from FTX’s shortcomings.
In addition to Can Sun and Armani Ferrante, Claire Zhang (Can Sun’s assistant) and Armani Ferrante’s wife are also involved in developing Trek Labs.
It’s worth noting that Can Sun is a key witness in the prosecution of Sam Bankman-fried. In court, he stated that he resigned after discovering poor customer fund management and refused to defend the actions of the former billionaire. On the other hand, Armani Ferrante witnessed the FTX disaster firsthand.