Backpack Crypto Exchange Shows Success, Aims for Global Expansion and Crypto Market Improvements
Summary:
Backpack, a new cryptocurrency exchange, demonstrates its significant potential in an evolving crypto market that seeks reliable exchanges, according to founder and CEO, Armani Ferrante. Within four days of launching its trading preseason, Backpack reached $1 billion in 24-hour volume. The exchange aspires to address inherent shortcomings in the financial sector, helping the crypto platform improve, and is equally committed to global expansion, having secured operational licenses globally in recent 2023.
The newly launched Backpack cryptocurrency exchange has quickly proven its worth in the evolving crypto landscape, requiring ever more reliable platforms, according to an exclusive interview with Cointelegraph on Feb. 27 by Armani Ferrante, Founder and CEO of Backpack. His assertion was that the world's demand for a reliable and trustworthy new cryptocurrency exchange was justified by the overwhelming response.
Four days after the kickoff of its trading preseason, Backpack achieved an impressive 24-hour volume of over $1 billion as of Feb. 18. According to CoinGecko's data, the exchange's daily trading volume had a slight decrease by 6.4%, equating to $296 million leading up to 5:30 pm CET (4:30 pm UTC) on Feb. 27.
Ferrante conveyed to Cointelegraph that recent unforeseen events in both decentralized finance (DeFi) and traditional financial institutions have lead crypto investors to demand clearer solutions. He mentioned, "As we rise from FTX's ashes, we're also maturing the industry. This involves not only improving security and compliance but also earning the world's justified trust."
The United States saw the downfall of several significant regional banks in 2023, notably Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. Similarly, in Switzerland, the second-largest bank, Credit Suisse, collapsed in March 2023. Swiss central bank UBS acquired the fallen banking giant on March 19 to prevent a full-blown banking crisis.
Ferrante firmly believes that the inherent shortcomings of traditional financial products can be rectified significantly via cryptocurrencies, which he intends to expedite. He revealed his excitement about the upcoming prospects, saying, "We are primed to introduce the world to the actual benefits of blockchain technology in developing future financial infrastructure. This is a huge opportunity, with many aspects already bearing fruit."
Equally, Ferrante confirmed their drive towards global expansion. The virtual asset service provider license was awarded to Backpack by the Dubai Virtual Assets Regulatory Authority in October 2023. Maintaining a focus on a global presence, Backpack, a Solana-based exchange, secured multiple operational licenses across various jurisdictions globally in the second half of 2023.
Related: MicroStrategy further incorporates 3K BTC as Bitcoin ETFs are set to overtake gold ETFs.
Published At
2/27/2024 9:15:30 PM
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