The makers of the Backpack wallet are reportedly preparing to launch a new crypto exchange with the ethos of properly securing user funds.
Trek Labs, a company led by backpack wallet creator Armani Ferrante and former FTX general counsel Can Sun, has received a crypto license from United Arab Emirates regulators the Wall Street Journal (WSJ) . reports.
As part of the launch, the company aims to sell a 10% stake to investors at a valuation of more than $100 million.
Backpack wallet is already an established wallet, especially within the Solana (SOL) ecosystem, and has distinguished itself with its “xNFT” system that aims to provide a smoother experience for interacting with decentralized applications (DApps).
Trek Labs will operate under the name ‘Backpack Exchange’ and will use Backpack’s wallet technology to let users ‘self-manage’ their money so the exchange cannot access it.
Backpack Exchange plans to launch a beta later this month, allowing users to verify their ownership at any time, the pair told WSJ.
Sun is one of the witnesses who testified in the trial of former FTX CEO Sam Bankman-Fried, who was found guilty of seven different fraud charges and has now spent more than a century behind bars.
says sun,
“In a post-FTX world you need trust and transparency to create a real alternative to the other players.”
Ferrante was also an employee of FTX and was in charge of a crypto token project.
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