In a bold move amidst the cryptocurrency landscape, Dubai emerges as the backdrop for a revolutionary endeavor by former FTX executives. These seasoned professionals are charting a new course, aiming to rectify past shortcomings in the realm of crypto exchange security.
Leading the charge is Can Sun, an ex-FTX lawyer, who now helms Trek Labs. This Dubai-based startup, having secured a license to provide cryptocurrency services in the region, marks a new chapter in crypto exchange. Trek Labs, operating under the banner of Backpack Exchange, is a testament to innovation and customer security.
At the core of Backpack Exchange’s philosophy is a robust, self-custodial service. This approach leverages the multiparty computation (MPC) technique, a cutting-edge method ensuring heightened security of funds. By requiring multiple parties to approve transactions, MPC significantly reduces the risk of unauthorized access and fund misappropriation.
Armani Ferrante, formerly of FTX and now CEO of Trek’s holding company based in the British Virgin Islands, is a key player in this initiative. Ferrante, who also oversees Backpack, a cryptocurrency wallet, plays a pivotal role in integrating this wallet service into the Backpack Exchange ecosystem.
Adding to this dynamic team is Claire Zhang, Sun’s former legal deputy at FTX and Ferrante’s wife. Zhang’s commitment to the project has been remarkable, as she has been contributing without compensation, a true testament to her dedication to seeing Trek Labs succeed. However, with an upcoming investment round, Zhang is set to transition away from the company.
