Dal crollo di FTX all’espansione globale: la storia del ritorno di Backpack

Dal crollo di FTX all’espansione globale: la storia del ritorno di Backpack

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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