E165: Backpack CEO: How I Survived Crypto's Biggest Collapse, Then Built a $420B Exchange

Armani Ferrante is the Founder and CEO of Backpack, a regulated global crypto exchange with over $420 billion in trading volume and one of the leading builders in the Solana ecosystem.THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries: https://go.kast.xyz/VqVO/SHIFT🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=102...🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. https://sumsub.com/💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure. https://sui.io/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com___________Follow Armani Ferrante• Twitter: https://x.com/armaniferrante• Twitter: https://x.com/Backpack• Website: https://backpack.exchange/FOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction1:32 Please Subscribe1:56 Michelle Fuko & Her Philosophical View On The Panopticon Metaphor5:25 Armani’s Answer To This Philosophical View In Regards To Crypto7:50 Who Is Armani Ferrante?8:39 Partnerships: @JupiterExchange @KASTxyz9:19 Where Armani’s Chip On The Shoulder Comes From10:43 Getting Hired Twice At Alameda Research Twice Explained13:46 Being Able To Work On Early Solana Projects14:43 Why Instead Of Going To FTX Did Armani Go & Build His Own Exchange?18:26 Was There Ever Any FOMO From Not Joining FTX?23:32 Partnerships: @Ethena @sumsub24:34 How Armani & Backpack Got Affected By The FTX Collapse36:25 What’s The TLDR On The MadLad Story42:03 How Important Was The MadLad Story For Backpack?43:40 Armani’s Deepest Belief On What Crypto Should Be51:59 Partnerships: @Trezor @BitwiseInvest @SuiNetwork52:55 Explain Backpack To Your Uber Driver57:36 Most Of Crypto Is Currently A Test Bed1:04:15 Percentage Of People Think They Own Shares From Huge Companies But Really Don’t1:06:41 What Unified Margin Accounts Solve & Why You Should Care1:15:20 Why Armani Left Sunny California For Tokyo Japan1:17:18 Why These Huge Exchanges Don’t Exist In Japan1:18:43 How Did Backpack Acquire Licenses At A fraction Of The Cost Compared To FTX1:21:53 Closing Thoughts