Former FTX executives are set to launch a brand-new cryptocurrency exchange in Dubai, aptly named the Backpack Exchange.
With a focus on prioritizing customer fund safety, the team behind this venture aims to learn from the mistakes of their previous employer, FTX.
Under Can Sun’s leadership, Trek Labs, a former FTX lawyer, has secured the necessary licensing to operate Backpack Exchange in Dubai. This move signals a fresh start and a commitment to providing a more secure platform for crypto traders.
One of the standout features of Backpack Exchange is its advanced wallet security. The platform employs multiple levels of approval for transactions, designed to prevent the mishaps that plagued FTX in the past. These security measures directly respond to the lessons learned from FTX’s unfortunate collapse.
Transparency is another key focus for Backpack Exchange. The exchange is committed to offering users easy access to check their funds, ensuring they have full visibility and control over their assets.
Currently in beta testing, Backpack Exchange is preparing for a full-scale launch. This new exchange aims to build trust with its users, focusing on safeguarding their funds and providing a reliable trading environment.
Can Sun, a former FTX counsel, shared his reasons for leaving FTX, citing concerns about how customer funds were handled. In court, he even testified against FTX’s CEO, highlighting his dedication to putting customers’ interests first.