Ex-FTX lawyer Can Sun is leading the way with Trek Labs, a Dubai-based startup that received a license to offer cryptocurrency services in the region in late October. Backpack Exchange is the name under which Trek Labs will offer those services.
Sun will receive support from ex-FTX employee, Armani Ferrante, who serves as CEO of Trekâs holding company in the British Virgin Islands, according to a Nov. 11 report by the Wall Street Journal. Ferrante also runs Backpack, a cryptocurrency wallet which is integrated in Backpack Exchange.
Sunâs former legal deputy at FTX, Claire Zhang, who is also Ferranteâs wife, is also on Trekâs executive team. However, once Trek raises an investment round, Zhang plans to transition out of the company as she has been working without pay to âhelp bootstrap the exchange," WSJ said.
Sun and Ferrante iterated they wanted to use the lessons learned from FTXâs failure to protect customer funds. Backpackâs technology offers a self-custody solution which integrates a multiparty computation (MPC) technique to ensure funds remain secure. MPC typically involves several parties approving a transaction before funds are moved.
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