Former FTX team member launches cryptocurrency exchange in Dubai
Key Takeaways
- Former FTX executives founded Trek Labs in Dubai to create Backpack Exchange, a secure cryptocurrency exchange.
- The new cryptocurrency exchange emphasizes the security of customer funds by leveraging multi-party computation technology.
- Trek Labs is led by former FTX lawyer Can Sun, who played a key role following the FTX collapse.
A new chapter in the cryptocurrency story unfolds as follows. Former FTX executives have joined hands to found Trek Labs, a Dubai-based cryptocurrency exchange..
Born 12 months after FTX’s infamous collapse, the venture’s goals are to: Fixing the major issues that led to FTX’s downfall.: Protects customer funds. Can Sun, previously a lawyer at FTX, is leading the initiative.
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Trek Labs Providing cryptocurrency-related services under the name Backpack Exchange. The new company has already We are licensed to provide cryptocurrency services in the region..
Another former FTX employee, Armani Ferrante, is now CEO of Trek Labs and the brains behind Backpack. This cryptocurrency wallet is an important component of the Backpack Exchange ecosystem.
They were joined by Claire Zhang, Sun’s general counsel at FTX and Ferrante’s spouse. Although Zhang is a member of Trek’s executive team, she plans to: Transition after upcoming investment round.
The core ethos of Trek Labs is: Apply the hard-learned lessons from FTX’s collapse We ensure strong protection of customer funds. Backpack technology integrates Multiparty Computation (MPC) technology. Fund transfers require approval from multiple parties.This strengthens security. Customers may also: Conveniently check your funds.
Reflecting on the need for a transparent and trustworthy platform in the cryptocurrency industry, Sun told The Wall Street Journal:
In the post-FTX world, trust and transparency are needed to create a true alternative to other players.
It is currently in beta version, The widespread launch of Backpack Exchange is expected later this month..
Sun’s insight into the FTX situation was highlighted during his testimony at Sam Bankman-Fried’s fraud trial. Resigns from FTX after learning of misuse of customer funds. Due to this misuse significant loss of customer assets;The disappearance of nearly $9 billion highlights the need for the stringent security measures Trek Labs plans to implement.
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