Cryptocurrency exchange Backpack has formed a partnership with Banxa, a crypto on-ramp provider, to offer a digital asset on- and off-ramp solution. This collaboration enables Backpack users in more than 130 countries to utilize the new on-ramp solution. Backpack Exchange was created by the team behind Solana’s Mad Lads NFT collection. The partnership is expected to enhance the user experience and adoption of Backpack by allowing users to easily purchase and sell cryptocurrencies using different payment methods such as credit cards, bank transfers, and e-wallets.
This announcement comes after Backpack achieved over $1 billion in trading volume within 24 hours on February 18, just four days after launching its trading pre-season. Prior to that, it surpassed $300 million in daily trading volume within 24 hours on February 15. Founder and CEO Armani Ferrante urged traders to exercise caution and trade responsibly, emphasizing that the pre-season is part of a long-term plan.
Backpack Exchange obtained a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. It also secured various operational licenses in different jurisdictions worldwide throughout the second half of 2023.
In terms of global trading volume, Backpack’s SOL/USD trading pair stands as the most traded SOL spot trading pair, with over $890 million in 24-hour volume. Binance’s SOL/USDT pair comes in second place with $362 million in trading volume, followed by Bybit’s SOL/USDC pair with $13.7 million. Solana’s token, SOL, experienced a 1.71% increase within 24 hours, reaching a price of $112.25. CoinMarketCap data shows that SOL remains the fifth largest cryptocurrency by market capitalization, temporarily surpassing Binance’s BNB token on February 13.
The partnership between Backpack and Banxa is set to provide Backpack users with increased accessibility and convenience in trading cryptocurrencies, further solidifying Backpack’s position as a leading player in the crypto exchange market.
