Backpack CEO: Once Wall Street Fully Adopts APIs, a Five-Person Team Could Build the Next Robinhood

Odaily reports that Backpack CEO Armani Ferrante stated that if the entire financial infrastructure of Wall Street becomes APIs that developers can directly call, programmable finance will spawn a large number of innovative experiments. He gave an example, saying that at that point, a dorm-room startup team of just five people could potentially build the next Robinhood, something that would be almost impossible to achieve under the traditional financial system.

Ferrante also pointed out that traditional financial products can be reimplemented through smart contracts, thereby significantly reducing operating costs and product fees. For example, developers could create on-chain products that track the S&P 500 index (SPY), driving fees down to near zero. He believes that as the openness of financial infrastructure increases, a large number of such innovative attempts will emerge in the future.