Armani Ferrante: Wall Street's API adoption will lower the barrier to entry for financial applications.

Armani Ferrante, founder and CEO of Backpack, said that the API-ization of Wall Street will lower the barrier to entry for financial applications, giving small teams the opportunity to develop next-generation financial applications. On-chain smart contracts can automatically rebuild traditional ETFs, such as SPY, with fees potentially dropping from 7 to 9 basis points to 1 basis point or even zero.