Backpack Hits $1B in 24 Hours, Partners with Banxa

Backpack has partnered with Banxa to enhance on- and off-ramp solutions for digital assets.

Backpack, a cryptocurrency exchange has formed a partnership with Banxa, a global provider of cryptocurrency on-ramps to develop a solution for the on- and off-ramp of digital assets.

According to the announcement that Banxa made on X on February 19, Backpack users in more than 130 countries would be able to use the new on-ramp option. Those who developed Solana’s Mad Lads executable nonfungible token (NFT) collection are the ones who initiated by the Exchange.

Anndy Lian, an expert on blockchain technology who works with international organizations and is the author of the NFT book “From Zero to Hero” sees the relationship as a positive step for Backpack users and the user experience of the exchange.

He stated that Customers of Backpack can quickly buy and sell cryptocurrency with fiat currencies by utilizing various payment methods including credit cards, bank transfers and electronic wallets.

This is made possible through collaboration. By doing so, Backpack and the coins it supports will see growth in both their adoption and their liquidity respectively.

On February 18, just four days after the beginning of its trading pre-season, Backpack’s 24-hour trading volume topped one billion dollars which prompted the company to make the statement.

Within 24 hours on February 15, Backpack’s daily trade volume reached $300 million for the first time. Because of the rapidly increasing trading volume, Armani Ferrante the founder and CEO of Backpack, went to X to warn traders about the possibility of becoming overly excited which could lead them to conduct transactions that result in losses.

Because this is a long-term program for our users, I want to encourage them to engage in responsible trading he said. Even though the preseason has only just begun, we still have a lot of ground to cover.

In October 2023, the Dubai Virtual Assets Regulatory Authority granted Backpack Exchange a license to operate as a provider of virtual asset services.

In the second half of 2023, the exchange successfully acquired a large number of additional operational licenses in a variety of countries around the world.

With a 24-hour trading volume of more than $890 million, the SOL/USDC trading pair offered by Backpack is now the most traded Solana spot trading pair currently available anywhere in the world.

The SOL/USDT pair on Binance is now in second place with a 24-hour volume of $362 million, followed by the SOL/USDC pair on Bybit, which has a monthly volume of $13.7 million.

During the 24 hours leading up to 10:25 am Central European Time, the price of SOL increased by 1.71%, reaching a trading level of $112.25, as reported by CoinMarketCap.

After briefly surpassing Binance’s BNB token on February 13, SOL continues to hold the distinction of being the fifth-largest cryptocurrency by market cap.