Backpack CEO Says Five-Person Team Could Build Next Robinhood

Backpack CEO Armani Ferrante said opening Wall Street’s financial infrastructure to developers through APIs could let a five-person startup build the next Robinhood, a feat he described as nearly impossible under traditional finance.

Ferrante said smart contracts could recreate traditional financial products with lower operating costs and fees. He cited an on-chain product tracking the S&P 500 as one example, saying its fees could approach zero.

Ferrante framed access to financial infrastructure as a way for small teams to experiment with financial products. He said broader access could lead to many such experiments.