Ive watched the entire interview and, first of all, huge congrats to
@TakayamaJoe for this incredible work!
Here is an extended summary:
> What
@Backpack is trying with
$BP is something new, for the first time in crypto history, by owning a token, you will be able to own a portion of the company itself. Just imagine if BNB gave you a portion of Binance equity...
> 62.5% of
$BP supply is for the community, and it will act as a fuel to increase the growth and create a broader community.
> Expect new "seasons" or "campaigns" for new regions like Japan or USA when Backpack arrives. This will be the fuel to attract more users and build a bigger community.
> Three big products that will come out over the next ~2 months: prediction markets, stocks and another one which is a secret for now.
> New prediction market will be a completely new product, not just a different UI for Kalshi or Poly. You will be able to use the same liquidity for Spot, perps and prediction markets. Deposit your
$BTC, borrow USD against it and use them for your predictions! Expect this shortly after TGE (few days only). More things coming but
@armaniferrante doesnt want to spoil everything 👀
> Backpack will have their setting up their own traditional stock dealer to trade real stocks in the same way you trade them in Robinhood. Why real stocks? Because it makes you a real shareholder with security entitlement, legal protection, etc... You will be able to buy real shares from any company. Of course, you need to do KYC for all of this (security matters). You will be able to use your spot stocks also as collateral for your crypto spot, perps and prediction markets.
> Equity perps are coming right after spot stocks are available.
> Armani shows big respect to the projects that have brought xStocks and perp trading for stocks, but Backpack wants to try something different. Both products are respectable.
> What it really means to have Mark Wetjen as President of Backpack US: Mark has decades of experience and, if you want to become the globally regulated financial institution for the future of money, you just need top tier people like Mark.
> Japan is a sleeping giant, dont understimate this region and thats why its crucial to onboard them to Backpack. Most of US exchanges are not allowed to operate in Japan. There is an incredible amount of volume in DEXs that comes from Japan users.
> Dont understimate Europe either, which is a huge territory in terms of volume. Most of derivatives and perpetual trading are not allowed in Europe, and Backpack is close to get the MiCA license after three years of work.
Message to Backpack users from
@armaniferrante: what rises fast, falls very fast. Backpack is a very long term project, and we are very happy to do things slow and steady way, BRICK BY BRICK. If you look at the product and understand the convergion between crypto and traditional finance, you will also understand why we are working like we do. We will be building for over a decade or even an entire lifetime. There is no shortcuts. Forget about single cycles and think about multiyear time horizon, this will free you up to make decisions.
Thanks to both
@armaniferrante and
@TakayamaJoe for this amazing interview!