In this episode, Jacquelyn sits down with Armani Ferrante, co-founder and CEO of Backpack. Armani explains how Backpack EU became one of Europe’s first fully regulated derivatives exchanges, after acquiring and refunding FTX EU’s user base. The team also launched daily proof of reserves, verified by OtterSec, to show transparency regardless of market conditions. He highlights the massive gap left by other exchanges exiting Europe, the unique compliance culture across regions (EU, Asia, US), and what “crypto’s next-generation bank” actually means. Armani also reflects on learnings from the FTX collapse, building trust through compliance and daily transparency, and why focusing on long-term cycles is key to survival and innovation in crypto.This episode is sponsored by Fireblocks, the stablecoin infrastructure of choice for top global businesses, from Visa and Worldpay to Bridge and Revolut. Learn more at fireblocks.com.

⏱️ Timestamps

(00:00) - Intro

(01:23) - Backpack EU operating under MiFID II License

(02:08) - Refunding FTX EU users

(03:23) - Acquiring FTX EU compliance cleanup

(06:05) - Why regulated perps matter in Europe

(06:53) - Perpetual futures explained

(08:29) - Compliance first approach at Backpack

(09:00) - Exchanges exit EU, demand grows

(10:57) - Institutions already here in crypto

(12:36) - Two year journey to licenses worldwide

(13:56) - Expansion playbook US, Asia, Japan, UAE

(16:36) - Japan tax cut and market revival

(19:17) - Why Armani chose to build close to users in Japan

(21:02) - Dubai first, Asia next, US later

(24:41) - Backpack in US? Live in 17 states

(26:16) - Compliance for Backpack wallet and Mad Lads

(27:41) - Crypto bank vs traditional brokers and banks

(29:31) - Integrating fiat on/off-ramps, cross-border payments, and multichain wallet power

(31:26) - Building a new financial stack

(33:09) - Build vs buy: FTX EU case

(34:04) - Competing with major exchanges like Coinbase and Binance

(36:35) - Next-generation apps focused on transparency

(38:23) - Crypto only verifiability and security

(41:11) - Daily proof-of-reserve and OtterSec audits

(42:14) - Stripe’s Tempo blockchain and corporates in crypto

(44:02) - From speculation to real world products

(44:43) - Closing advice on long term conviction

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Note: This podcast is for informational purposes only. Guests may have a financial interest in discussed entities or assets. Not investment advice.