Former FTX Executives Launch New Crypto Platform Backpack
A new crypto platform called Backpack has been launched by former FTX executives, including Can Sun, the former general counsel for FTX and a key witness in the trial of founder Sam Bankman-Fried. The project will be operated by Dubai-based startup Trek Labs and aims to introduce a more secure and transparent trading model, leveraging lessons learned from the collapse of FTX.
The platform is centered around “self-custody” wallets using multiparty computation for enhanced security. It seeks to restore trust in the crypto market by implementing a system that requires multiple parties to approve transactions, giving users more authority and visibility over their assets.
Backpack Exchange Valuation and Transparency
Backpack Exchange has a valuation goal exceeding $100 million for a 10% stake. Besides Sun and Ferrante, there are several other former FTX employees involved in the new platform. Sun has been transparent regarding his role at FTX and cooperated with Dubai’s regulatory bodies, adding credibility to the endeavor. Ferrante leads the British Virgin Islands-registered holding company for the new project.
Hot Take: Former FTX Executives Launch New Crypto Platform Backpack
A group of former FTX executives have launched a new crypto platform called Backpack, aiming to bring transparency and security to the crypto market. The platform is focused on self-custody wallets and aims to mitigate risks associated with centralized control over funds, drawing from lessons learned from the collapse of FTX. With a valuation goal exceeding $100 million for a 10% stake, Backpack Exchange is poised to make an impact in the industry.
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