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The creators of the Backpack wallet are reportedly gearing up to launch a new crypto exchange with the ethos of properly securing user funds.<\/p>\n
Trek Labs, a firm led by Backpack wallet creator Armani Ferrante and former FTX general counsel Can Sun, has received a crypto license from the United Arab Emirates\u2019 regulators, the Wall Street Journal (WSJ) reports<\/a>.<\/p>\n As part of the launch, the venture aims to sell a 10% stake to investors at a valuation of more than $100 million.<\/p>\n Backpack wallet is already an established wallet, especially within the Solana (SOL<\/a>) ecosystem, and has set itself apart with its \u201cxNFT\u201d system that aims to provide a smoother experience for interacting with decentralized applications (DApps).<\/p>\n Trek Labs will operate under the \u201cBackpack Exchange\u201d name and will use Backpack\u2019s wallet tech to let users \u201cself-custody\u201d their funds so that the exchange is unable to access them.<\/p>\n Backpack Exchange plans to launch a beta version later this month, and will allow users to verify their holdings at any time, the pair told WSJ.<\/p>\n Sun is one of the witnesses who testified in the trial against former FTX CEO Sam Bankman-Fried, who was found guilty on seven different fraud charges and now faces over a century<\/a> behind bars.<\/p>\n Says Sun,<\/p>\n \u201cIn a post-FTX world, you need trust and transparency to create a true alternative to the other players.\u201d<\/em><\/p>\n Ferrante was also an employee of FTX and was in charge of a crypto token project.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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