Backpack CEO: Once Wall Street becomes an API, on-chain ETFs could drive fees down to near zero.

BlockBeats news, November 5th: Backpack CEO Armani Ferrante stated that once the entire Wall Street becomes an API callable by any developer, programmable finance will trigger a massive wave of experimentation. He gave an example, saying that if Wall Street enters the programmable era, a five-person dorm team could potentially build the next Robinhood, which was almost impossible in the past.

Armani Ferrante also mentioned that traditional products can be reimplemented and written into smart contracts to lower fees, for instance, reducing the fees of products benchmarked against the SPY S&P 500 ETF to near zero, and many such attempts will emerge in the future.