Several former executives from FTX, a cryptocurrency exchange, have come together to establish a new exchange in Dubai called Backpack Exchange. Led by ex-FTX lawyer Can Sun, the Dubai-based startup aims to address the issue of securing customer funds, which FTX failed to do. Sun is supported by Armani Ferrante, a former FTX employee who serves as the CEO of Trek’s holding company. Trek Labs, the startup behind Backpack Exchange, recently obtained a license to offer cryptocurrency services in the region. The exchange will utilize Backpack’s self-custody solution, which incorporates a multiparty computation technique to ensure the security of funds. This approach involves multiple parties approving transactions before funds can be moved. Additionally, Backpack customers will have the ability to verify their funds at any time. The exchange is currently in beta and is expected to launch more widely later this month. The establishment of Backpack Exchange reflects the founders’ desire to learn from FTX’s failure and create a trustworthy and transparent alternative in the cryptocurrency market.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Middle East
Countries	🇦🇪 🇻🇬
Sentiment	negative
Relevance Score	1
People	Armani Ferrante, Sam Bankman-Fried, Claire Zhang, Can Sun
Companies	Trek Labs, FTX, Backpack, Backpack Exchange, Alameda Research
Currencies	None
Securities	None