Former FTX executives, led by Kang Sun and supported by Armani Ferrante, have joined forces to create a cryptocurrency exchange in Dubai called Trek Labs, which will operate under the name Backpack Exchange.
Last month, Dubai-based startup Trek Labs, led by former FTX general counsel Can Sun, received an operating license from the UAE crypto regulator, according to WSJ.
Another former FTX employee, Armani Ferrante, is the chief executive of a Trek-owned holding company in the British Virgin Islands and also runs an affiliate firm called Backpack, which develops and operates digital currency wallets. Ferrante’s wife, who was Sun’s legal deputy at FTX, is also on the management team of Trek, which will operate the cryptocurrency market under the Backpack Exchange brand.
After examining FTX’s shortcomings in keeping customers’ funds safe, Trek Labs plans to implement a self-storage solution that integrates multi-party computing and also allows customers to check their funds at any time. The exchange, which is currently in beta testing, is scheduled for a wider launch later this month.
