Armani Ferrante, the CEO of Backpack, a cryptocurrency exchange and multi-chain wallet, recently sat down for an exclusive interview with Cryptonews. During the interview, Ferrante discussed his journey into Solana and the creation of Anchor, a popular developer tool. He also talked about the concept of super apps and their relevance in today’s world. Additionally, Ferrante shared his insights on the future of the crypto economy and why it has the potential to be ten times better.
Ferrante’s path to Solana and the establishment of Anchor was not a straightforward one. In 2017, he left his job at Apple and became fascinated with Ethereum. He had no specific plans or job prospects; he simply had a strong desire to work in the blockchain industry. Over the years, Ferrante spent a lot of time thinking about the problems that needed to be solved in the industry. It was through iterations and trial and error that he eventually found his way to Solana and began working on Anchor.
According to Ferrante, the process of establishing Anchor was like “hill climbing.” It involved algorithmically finding the optimum solution to a specific problem. There was no grand vision that Ferrante followed; instead, he focused on solving specific problems and took winding roads to reach his goals. With a bit of luck and persistence, he eventually found himself in a reasonable spot.
Ferrante’s journey led him to Solana at a time when many in the industry were exploring new architectures and blockchains. He saw the potential of Solana and started making contributions to the network. These contributions gained momentum and eventually opened doors for him to create his own company and gather the necessary resources to build a business.
Anchor was not the end of Ferrante’s road. He went on to create Backpack, a crypto financial super app. The goal of Backpack is to provide users with a one-stop app for all their crypto needs. It allows users to easily access any blockchain and decentralized app (dapp) and take advantage of the growing parallel financial system built on crypto rails. Backpack started with the Mad Lad NFT collection, which served as a test bed for the app. The team built various games and puzzles to engage users and differentiate themselves from other projects. The combination of new products, interesting stories, and beautiful art contributed to the success of the Mad Lad experience.
Ferrante believes that the future of the crypto economy will be ten times better. He stated that in each bull cycle, new liquidity hubs are created, leading to increased capital efficiency. People in the crypto industry are always striving for improvement, seeking faster and safer solutions. Ferrante emphasized the importance of cryptographic proof in ensuring correct ledger entries. When all these factors come together, they create an economy that is ten times better and has the potential to power different parts of the world.
In the interview, Ferrante also discussed his background, including studying at UC Berkeley and working at Apple. He talked about the Solana ecosystem, comparing it to Ethereum, and shared his thoughts on the future of Web3. Overall, Ferrante’s insights provide a glimpse into the exciting developments happening in the crypto industry and the potential for a better future.
