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

- Speakers: [Kartik Talwar](https://streameth.org/speakers/kartik-talwar)
- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-10-26
- Duration: 23:45
- Topics: ETHGlobal, Pragma Tokyo 2026, Pragma Tokyo, Tokyo, Japan, 2026, Armani Ferrante, Kartik Talwar, Backpack, tokenized stocks, onchain finance, finance for a global internet, global markets, 24 7 markets, crypto exchange, regulated crypto, DeFi, TradFi, brokerage, real time settlement, perpetual futures, risk management, exchange security, tokenized equities, RWA, real world assets, Solana, Ethereum, price discovery, Science & Technology
- Watch: https://streameth.org/watch/yt-Jq4wkGATtR8
- YouTube: https://www.youtube.com/watch?v=Jq4wkGATtR8

## Description

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

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🇯🇵 *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. 

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✅ 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 

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