Former FTX general manager, Can Sun, along with several former FTX executives, has launched a new cryptocurrency exchange named Trek Labs.
This start-up has recently obtained a license from the Emirate’s cryptocurrency regulator. Sun played a significant role in the case against Sam Bankman-Fried (SBF), acting as a key witness.
Trek Labs’ financial aims
Presently, Trek Labs is seeking investors, aiming to sell a 10% stake at a valuation beyond 100 million dollars. Sun disclosed that he resigned from FTX after discovering inappropriate management of client funds, refusing to support SBF’s actions.
Executive team of Trek Labs
The Trek Labs executive team includes other significant figures from FTX, such as Armani Ferrante, currently the CEO of Trek’s holding company in the British Virgin Islands. Ferrante also oversees a partner company named Backpack, specializing in the design and management of cryptocurrency portfolios.
Also noteworthy is the presence of Claire Zhang, Sun’s former deputy and Ferrante’s wife. Zhang disclosed her marriage to Ferrante in a presentation to the Dubai regulator in May.
Trek Labs approach
Can Sun and Armani Ferrante have shared their intention to integrate the lessons learned from FTX’s failure at the heart of Backpack Exchange, the name under which Trek Labs will operate.
The new exchange will adopt Backpack’s technology, allowing users to keep their funds in their non-custodial cryptocurrency wallets. These wallets require approval from multiple parties to carry out any transaction.
According to Sun:
“In a post-FTX world, you need trust and transparency to create a true alternative to the other players.”
Launch of Backpack Exchange
Trek Labs plans to launch Backpack Exchange in beta by the end of the month. The aim is to offer users a high level of security and transparency, based on the lessons learned from FTX bankruptcy.
