<Both let you buy stocks. Only one gives you real ownership.>
Backpack (@Backpack) and Binance both opened stock trading days apart, but the structures differ sharply. For real shares, both ultimately settle at DTCC.
The difference is the path. Backpack runs its own U.S.-regulated broker-dealer connected directly to DTCC with one intermediary, while Binance is just the interface, routing through Nest Trading and Alpaca, which is the actual DTCC member, across three intermediaries.
The deeper split is the token itself. Backpack tokenizes real, DTCC-settled shares on Solana with genuine ownership under UCC Article 8, whereas Binance's bStocks are minted synthetically on BNB Chain, never touch DTCC, and confer no direct ownership.
In short, Backpack builds a rail for real ownership to move on-chain, while Binance wraps price exposure to keep users inside its super-app.
Which one is better, you think?
All Backpack point seasons have ended.
Great job everyone, and I have high expectations for the project from a long-term perspective!! GGWP @Backpack@MadLads@armaniferrante
This is wrong from the beginning ๐คฃ
1. How can you say โBackpack is established but has limited upsideโ when itโs the only exchange enabling retail users to access pre-IPO shares onchain?
2. how is it a โlimited upsideโ in the usual sense when the team includes figures like a former CFTC chairman?
3. The team has introduced a completely new tokenomics structure where the teamโs token allocation is tied directly to IPO success and growth, which is something we havenโt really seen before in the space.
And by the way โ Backpack is not a perp DEX dude
We're excited to welcome Mark Wetjen as President of Backpack US.
Mark previously served as CFTC Commissioner & Acting Chairman and Head of Global Public Policy at DTCC, and was among the first U.S. regulators to advocate for clear regulatory frameworks and market infrastructure for crypto.
He will lead Backpackโs U.S. expansion as we continue building regulated, onchain financial infrastructure bridging crypto and traditional finance.
Products. Compliance. Expansion.