Backpack CEO: Bringing the Entire Stock Market to Solana, One API to Connect Brokerages and On-Chain

Odaily News: Solana's official X account reposted an interview clip with Backpack founder and CEO Armani Ferrante. Ferrante stated that Backpack's goal is "not 10 stocks, not 100 stocks, but to bring the entire stock market onto Solana."

At its core is an API connecting brokerages and DeFi: tokens held by users correspond to real shares, are 1:1 in-kind redeemable, and can flow freely in both directions between brokerage accounts and on-chain. Ferrante gave an example: users can buy SpaceX tokens on Solana and then transfer them directly to brokerage accounts such as Backpack, Fidelity, and Robinhood. He emphasized that the fundamental difference between this and other tokenized stock solutions on the market is that "what you actually get is the stock itself."

Ferrante revealed that currently there are only about 200 tokenized stock assets across all chains combined, and the next step is to expand to 10,000.