According to Foresight News, Backpack founder Armani Ferrante tweeted, "People have misunderstood how trust-minimized custodial products are an important complement to self-custody. Stablecoins, ETFs, risk-weighted assets, and everything that allows cryptocurrencies to eat into traditional finance require highly credible custody, because most of the world's value itself exists off-chain."
Backpack founder: Everything that allows cryptocurrencies to cannibalize traditional finance requires high integrity custody
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