Inside Backpack’s Global Strategy with Armani Ferrante

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For this week’s Tuesday episode, I interviewed 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.

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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.

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Money and people moves

1. Stripe’s head of crypto John Egan leaves the firm to join Polygon Labs as chief product officer

2. Thesis* appoints long-time Google veteran Victoria Chan as its new chief operating officer

3. Diana Biggs departs 1kx as partner, “closing out” her time in venture

4. Nicolas Mohnblatt departs Bain Capital Crypto to join zkSecurity

5. Ex-Story Cofounder & CEO Jason Zhao joins Cosmos as a “visiting partner,” while he incubates his next venture

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.