CoinWorld News, January 17 — Backpack founder and CEO Armani Ferrante posted on social media that many projects claiming to be part of the "new generation of internet finance" are actually products with severely limited functionality, degraded user experience, higher fees, and weaker protections. Some tokens are essentially stocks but lack dividends, voting rights, or Securities Investor Protection Corporation (SIPC) insurance. Some projects are essentially banks but do not support direct deposits, check issuance, payroll processing, or transfers to accounts in others' names. While charging investors layered fees, they do not provide any investor protection and openly disclose personal data to the world.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin

Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)