Backpack Launches Cryptocurrency Exchange in Dubai with Former FTX General Counsel Can Sun Leading the Way

• Backpack, the Solana-based NFT wallet app, is launching a cryptocurrency exchange in Dubai, led by former FTX general counsel Can Sun.
• Solana’s Mad Lads NFT project has surged to an all-time high price, capitalizing on the growing demand for NFTs.
• Trek Labs, associated with Backpack, obtained regulatory approval from the Dubai Virtual Assets Regulatory Authority for their upcoming exchange launch.

Backpack, the Solana-based NFT wallet app, has made headlines with its announcement of a cryptocurrency exchange launch in Dubai. The company has appointed Can Sun, former general counsel of FTX, to spearhead this exciting venture. Furthermore, the associated NFT project, Solana’s Mad Lads, has experienced a significant surge in its price, reaching an all-time high.

Can Sun Takes the Helm of Trek Labs

In a recent development reported by The Wall Street Journal, Can Sun has been appointed to lead Trek Labs, the Dubai-based startup connected to Backpack and its creator, Coral. This announcement comes shortly after Sun’s testimony against Sam Bankman-Fried, the former CEO and co-founder of FTX, in the U.S. government’s fraud trial. Sun collaborated with prosecutors and reached a non-prosecution agreement.

According to The Wall Street Journal, Trek Labs aims to secure investments by offering a 10% stake in the company at a valuation exceeding $100 million.

Coral’s Involvement and Regulatory Compliance

Armani Ferrante, co-founder and CEO of Coral, is listed as a minority shareholder in Trek Labs, as indicated by the report. Additionally, Ferrante’s wife, Claire Zhang, holds a stake in the company. Zhang previously served as Sun’s deputy at FTX, while Ferrante himself has gained experience working at Alameda and FTX before establishing Coral.

In October, Trek Labs received a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA), enabling the launch of a regulated exchange in the region. During the regulatory application process, Sun disclosed his background with FTX, as reported by The Wall Street Journal.

Mad Lads NFTs Reach New Heights

Amidst the increasing demand and prices of NFTs in recent weeks, Solana’s Mad Lads project, associated with Coral, has experienced a remarkable surge in value. The profile picture (PFP) project’s prices on secondary marketplaces have reached an all-time high when converted to U.S. dollars.

Currently, Mad Lads NFTs are available on secondary marketplaces starting at a price of 82.37 SOL, equivalent to $4,480 based on the current Solana price. This marks a significant increase compared to the previous all-time high before November. Solana’s value has surged by 148% in the past 30 days alone, currently sitting above $54.

Early Access for Mad Lads NFT Holders

Trek Labs recently initiated beta signups for the Backpack exchange, providing exclusive early access to Mad Lads NFT holders during the initial phase. This early access benefit has likely contributed to the increased demand and purchases of Solana’s NFTs.

Conclusion

With the launch of a cryptocurrency exchange in Dubai and the appointment of Can Sun, Backpack and its associated NFT project, Mad Lads, are making significant strides in the crypto space. The surge in Mad Lads’ prices, along with the exclusive benefits for NFT holders on the Backpack exchange, has captured the attention of investors and enthusiasts alike. As Solana continues to shine and NFTs gain prominence, the future looks promising for these innovative projects

Disclaimer

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.

image source