"Former FTX Executives Launch New Crypto Exchange 'Backpack' with Alameda Partnership"
Former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante are launching a new crypto exchange called Trek Labs, based in Dubai. Trek Labs recently obtained a license from the Virtual Assets Regulatory Authority and plans to allow users to self-custody their funds. The exchange, which received funding from FTX's venture arm, is looking to sell a 10% stake and aims to launch in beta later this month.