Backpack, a cryptocurrency exchange, has formed a partnership with Banxa, a global crypto on-ramp provider, to create a digital asset on- and off-ramp solution. This new solution will be available to Backpack users in over 130 countries. The collaboration has been well-received by users and is expected to enhance the overall user experience on the exchange. Anndy Lian, an intergovernmental blockchain expert and author, believes that this partnership will allow Backpack users to easily buy and sell cryptocurrencies using various payment methods, thereby increasing the adoption and liquidity of the exchange and its supported tokens. This announcement comes after Backpack achieved a trading volume of over $1 billion within 24 hours, just four days after the launch of its trading pre-season. Armani Ferrante, the founder and CEO of Backpack, has urged traders to trade responsibly and not get carried away by the excitement surrounding the exchange’s success. Backpack Exchange obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023 and has secured several other operational licenses across different jurisdictions worldwide. Notably, Backpack’s SOL/USD trading pair is currently the most traded Solana spot trading pair globally, with a 24-hour trading volume of over $890 million. SOL, the fifth-largest cryptocurrency by market cap, saw a 1.71% increase in the 24 hours leading up to 10:25 am Central European Time, trading at $112.25.
Banxa partnership announced as backpack's 24-hour volume surpasses $1B