Backpack Exchange: New Crypto Exchange from Former FTX Execs Launches in Dubai

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Former FTX leaders, Sun and Ferrante, pioneer Backpack Exchange in Dubai—a self-custody crypto platform with multiparty computation for top-tier security, set to launch early 2024.

In a strategic move to sidestep the challenges that plagued FTX, Backpack Exchange introduces a paradigm shift in its self-custody approach. Unlike its predecessor, this exchange empowers users by allowing them to retain control over their funds, mitigating concerns associated with centralized exchanges.

Backpack Exchange further solidifies its commitment to user security by implementing multiparty computation. This advanced cryptographic technique involves multiple parties in the transaction approval process, creating a formidable barrier against potential hacking attempts. Sun and Ferrante are leveraging their industry expertise to fortify user trust and confidence in the crypto ecosystem.

Sun, who served as the general counsel at FTX, and Ferrante, a seasoned software developer at Alameda Research, bring a wealth of experience to Backpack Exchange. Their insights from both legal and technical perspectives position the exchange as a comprehensive and robust platform designed to meet the evolving needs of crypto enthusiasts.

As the crypto industry grapples with the aftermath of FTX's collapse, Sun and Ferrante remain undeterred, asserting that there's still a strong demand for cryptocurrency exchanges. Backpack Exchange emerges not just as a response to past challenges but as a beacon of hope, promising users a safer and more secure environment to trade digital assets.

Sun and Ferrante underscore their commitment to transparency and regulatory compliance. With a focus on building an accountable exchange, they pledge to work closely with regulators to ensure that Backpack Exchange adheres to all applicable laws and regulations.