Creators of Backpack Wallet Venture into Crypto Exchange Territory with a Focus on User Fund Security, Reports Say
The brains behind the Backpack wallet are poised to introduce a new crypto exchange prioritizing robust user fund security.
Trek Labs, led by Backpack wallet creator Armani Ferrante and former FTX general counsel Can Sun, secured a crypto license from UAE regulators. To fuel the venture, the team plans to sell a 10% stake with a valuation exceeding $100 million. Renowned for its presence in the Solana ecosystem. Backpack wallet’s innovative “xNFT” system enhances decentralized application (DApp) interaction. Operating as “Backpack Exchange,” Trek Labs leverages Backpack’s wallet technology, enabling users to “self-custody” their funds. Ensuring the exchange lacks access.
The beta version of Backpack Exchange is set to launch this month, emphasizing transparency by allowing users to verify holdings at any time. Former FTX employee Can Sun, a witness in the trial against ex-FTX CEO Sam Bankman-Fried. Underscores the need for trust and transparency in a post-FTX era to establish a credible alternative in the market. Armani Ferrante, also from FTX, previously oversaw a crypto token project.
Clever Robot News Desk 14th November 2023
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