Backpack Reports A Cooperation With Banxa And Achieves $1 Billion In 24-Hour Volume


For an on- and off-ramp solution for digital assets, cryptocurrency exchange Backpack has teamed up with international crypto on-ramp supplier Banxa. Banxa said on X that backpack users in more than 130 countries would be able to utilize the new on-ramp solution. The announcement was made on February 19. The folks behind Solana’s Mad Lads executable nonfungible token (NFT) collection introduced Backpack Exchange.

Intergovernmental blockchain specialist and author of NFT: From Zero to Hero Anndy Lian sees the agreement as a good move for their users and the exchange’s user experience. He started to the media: “Thanks to [the agreement], their users may now quickly and simply purchase and trade cryptocurrency with fiat money utilizing a variety of payment options, including e-wallets, credit cards, and bank transfers. This will boost Backpack’s and its supported coins’ traction and liquidity.” they made the news on February 18, four days after its trading pre-season began, when its 24-hour trading volume exceeded $1 billion. On February 15, Backpack’s daily trade volume exceeded $300 million in a single day.

Global Trading Volume Is Led By Backpack’s SOL/USD Pair

Its founder and CEO, Armani Ferrante, went to X as the trading volume began to rise quickly to warn against traders being overexcited and placing lost deals. “For our long-term users, this is a long-term program, and I would want to promote responsible trading. The pre-season has barely begun, and we still have *a lot* to construct.” In October 2023, it was granted a license by the Dubai Virtual Assets Regulatory Authority to operate virtual asset services. In the latter part of 2023, the exchange obtained several additional operating licenses in various countries throughout the globe. With more than $890 million in 24-hour trading volume, Backpack’s SOL/USDC trading pair is presently the most traded Solana SOL tickers down $109 spot trading pair globally.