Backpack Founder Assesses Neo Finance Status Quo: Mutilating Quality Traditional Financial Services, Charging Tedious Fees Yet Failing to Safeguard Investor Interests

By: theblockbeats.news|2026/01/17 10:30:12

BlockBeats News, January 17th, Backpack founder and CEO Armani Ferrante posted on social media, stating that many projects claiming to be the "next generation of Internet finance" are actually severely crippled in functionality, degraded in user experience, higher in fees, and poorer in security. Some tokens are essentially stocks but lack dividends, voting rights, or Securities Investor Protection Corporation (SIPC) insurance. Some projects are essentially banks but do not support direct deposits, check writing, payroll processing, or transfers to accounts held by others. They charge investors multiple layers of fees but provide no investor protection, all while exposing personal data to the world.

-- Price

Naval personally stepped in as the chairman of the USVC Investment Committee. This SEC-registered fund launched by AngelList attempts to bring top private tech assets like OpenAI, Anthropic, and xAI to the general public with a $500 entry threshold. It is not just a new fund, but a structural experi...

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Abraxas Capital Mints $2.89 Billion USDT: Liquidity Boost or Just More Stablecoin Arbitrage?

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A VC from the Crypto world said AI is too crazy, and they are very conservative

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The Evolutionary History of Contract Algorithms: A Decade of Perpetual Contracts, the Curtain Has Yet to Fall

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Kicked out by PayPal, Musk aims to make a comeback in the cryptocurrency market

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Solana ETF News: What Is a Solana ETF and Why Is Goldman Sachs Betting $108 Million on SOL?

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Bitcoin ETF News Today: $2.1B Inflows Signal Strong Institutional Demand for BTC

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Michael Saylor: Winter is Over – Is He Right? 5 Key Data Points (2026)

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But is he right? Or is this just another CEO pumping his bags?

Let us look at the data. Let us be neutral. Let us see if the ice has really melted.

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Overview of Important Market Events on April 23

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