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

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.