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The creators of the Backpack wallet are reportedly gearing up to launch a new crypto exchange with the ethos of properly securing user funds.

Trek Labs, a firm led by Backpack wallet creator Armani Ferrante and former FTX general counsel Can Sun, has received a crypto license from the United Arab Emirates’ regulators, the Wall Street Journal (WSJ) reports.

As part of the launch, the venture aims to sell a 10% stake to investors at a valuation of more than $100 million.

Backpack wallet is already an established wallet, especially within the Solana (SOL) ecosystem, and has set itself apart with its “xNFT” system that aims to provide a smoother experience for interacting with decentralized applications (DApps).

Trek Labs will operate under the “Backpack Exchange” name and will use Backpack’s wallet tech to let users “self-custody” their funds so that the exchange is unable to access them.

Backpack Exchange plans to launch a beta version later this month, and will allow users to verify their holdings at any time, the pair told WSJ.

Sun is one of the witnesses who testified in the trial against former FTX CEO Sam Bankman-Fried, who was found guilty on seven different fraud charges and now faces over a century behind bars.

Says Sun,

“In a post-FTX world, you need trust and transparency to create a true alternative to the other players.”

Ferrante was also an employee of FTX and was in charge of a crypto token project.

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