Finance for a Global Internet | Armani Ferrante and Kartik Talwar at Pragma Tokyo 2026

Backpack Founder and CEO Armani Ferrante joins ETHGlobal Co-founder Kartik Talwar to examine finance for the internet. Ferrante recounts Backpack’s decision to build regulated operations after FTX collapsed, then explains why tokenized stocks require brokerage expertise and crypto-native infrastructure. They cover irreversible settlement, exchange security, perpetual futures, risk engines, tokenized equity design, brokerage redemption, arbitrage between DeFi and traditional markets, and price discovery outside normal hours. Ferrante argues that regulation and onchain markets can strengthen each other. Clear rules give founders a stable path to build, while DeFi contributes global distribution, continuous settlement, and new market structures. Institutions still provide custody, compliance, trust, and human services, but they must adapt to open financial rails. His main lesson from traditional finance is disciplined risk management. Speed and decentralization do not remove the need for controls, and the final challenge is not making markets faster. It is protecting customer assets. 00:00 Introduction and Backpack’s Global Strategy 01:26 From Open Source to a Regulated Exchange 02:41 Why Tokenized Stocks Matter Now 03:13 Brokerage and Tokenization Skills 04:25 Why Wall Street Partners With Crypto 05:13 Security in Irreversible Markets 06:35 Stablecoins as Trust Machines 07:31 Perpetual Futures and Risk Engines 09:46 What Makes a Tokenized Stock Legitimate 11:37 Equity Tokens Versus Cash-Settled Debt 12:10 Arbitrage Between DeFi and Brokerages 13:14 Price Discovery After Markets Close 14:55 Licensing for Global Onchain Markets 15:23 Regulation as Rules of the Road 17:41 Hyperliquid, Kraken, and Regulated DeFi 19:52 The Continuing Role of Institutions 21:32 What Crypto Can Learn From TradFi 22:17 Risk Management as the First Principle _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🇯🇵 *Pragma Tokyo 2026* Pragma Tokyo 2026 was held on September 25th at the Toranomon Hills Forum in Tokyo, Japan and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Tokyo 2026 YouTube Playlist here: https://www.youtube.com/playlist?list=PLT7ZDw43Z98U ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ Follow Armani Ferrante X: https://x.com/armaniferrante ✅ Follow Backpack X: https://x.com/Backpack ✅ Follow Kartik Talwar X: https://x.com/kartiktalwar ✅ Follow ETHGlobal X: https://x.com/ETHGlobal​ Warpcast: https://warpcast.com/ethglobal Website: https://ethglobal.com YouTube: https://www.youtube.com/@UCfF9ZO8Ug4xk_AJd4aeT5HA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Are you interested in Ethereum development and entrepreneurship? 👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events 🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus 📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city