Backpack Founder Discusses "Binance Possibly Opening Stock Trading": Some US Retail Investors May Flock to Crypto

BlockBeats News, May 31st, regarding the rumor that Binance may "add real stock trading" on June 1st, Backpack founder Armani Ferrante stated in a post that this move by Binance may change the entire brokerage landscape:

· 24/7 price discovery of the (stock) spot market will be unlocked;

· A new generation of crypto-native brokerages will follow Binance in weekend price discovery (existing perpetual contracts could work, but the range of underlyings is still too limited for retail brokerage products);

· Crypto-native brokerages will face off against old-school TradFi brokers. As the first platforms to offer weekend spot trading, they will gain a significant advantage;

· The Web 2 stock retail investor group may enter the crypto space through these new brokerages, and these fund flows will subsequently enter the broader crypto and DeFi space.