Backpack Founder Says Binance’s Rumored US Stock Trading Push Would Reshape Brokerage Market

Armani Ferrante, founder and chief executive officer of crypto exchange Backpack, said reports that Binance may offer US stock trading would be a market-shifting development if true.

Writing on X on May 31, Ferrante said the crypto industry already has stock-based perpetual futures that trade 24/7. If Binance adds spot stock trading, though, it could reshape the broader brokerage landscape.

Binance said on its official X account on May 29 that it would launch a new service on June 1. BlockBeats reported the same day that the upcoming feature will probably add US stock trading to Binance’s main platform and introduce an on-chain stock tokenization service called bStocks.

Ferrante said Binance’s move into US stock trading would finally open up 24/7 price discovery in the spot market. Next-generation crypto-native brokerages would use Binance for weekend price discovery, he wrote. That is already possible through perpetual futures, but the product lineup remains too limited to serve as a retail brokerage offering.

Crypto-native broker-dealers would then compete directly with traditional finance, or TradFi, brokerages, Ferrante said. A new group of Web2 retail stock investors would enter the crypto market through centralized exchanges with broker-dealer operations, he added. Those flows would later move into the broader cryptocurrency and decentralized finance, or DeFi, markets.

Meanwhile, Binance Coin, or BNB, surged nearly 13% at one point on May 31. According to CoinMarketCap, BNB was trading at $734.27 as of 3:23 p.m. Seoul time, up 10.14% from a day earlier.