Backpack Teams Up with Banxa to Boost Global Crypto Trading, Surpasses $1 Billion 24-hour Volume
Summary:
Backpack, a cryptocurrency exchange, partners with global crypto provider Banxa to introduce a digital asset on- and off-ramp solution for users in over 130 countries. This move, expected to boost crypto adoption and liquidity, comes after Backpack's trading volumes surpassed $1 billion in 24 hours. The platform's founder, Armani Ferrante, urges users to trade responsibly amidst the rapid trading volume growth. Granted a virtual asset service provider license in October 2023, Backpack's SOL/USDC pair currently leads the global trading volume.
In a collaborative venture with international crypto entryway provider Banxa, Backpack, a cryptocurrency exchange, has devised a digital asset gateway solution. This will allow Backpack's users from over 130 nations to leverage the freshly launched gateway solution, as stated by Banxa on February 19th. This remarkable service was initiated by those behind the Mad Lads NFT collection on Solana that brought forth the Backpack Exchange.
Anndy Lian, a renowned intergovernmental blockchain expert and author of NFT: From Zero to Hero, sees this alliance as an encouraging progression for the users of Backpack and the platform's overall experience. He pointed out that this partnership empowers Backpack users to conveniently trade crypto using fiat currencies through multiple payment channels such as credit cards, bank transfers, and e-wallets. This strategic move is expected to bolster the adoption and fluidity of Backpack and the tokens it supports.
On February 18, just days following the commencement of its trading pre-season, Backpack exceeded $1 billion in a 24-hour trading volume. This impressive news was disclosed subsequent to Backpack surpassing a daily trading volume of $300 million within just a day on February 15.
In light of the surging trading volume, Armani Ferrante, Backpack’s founder and CEO, cautioned users via X, guiding them not to get carried away to the point where they make ill-advised trading decisions. He profoundly reminded users that this was a long-term plan aimed at long-term users, and urged everyone to trade responsibly, emphasizing that the pre-season was just the beginning and that much more was yet to come.
The Dubai Virtual Assets Regulatory Authority granted Backpack a license as a virtual asset service provider (VASP) in October of 2023. Additionally, Backpack secured numerous operational permits across various global jurisdictions during the latter half of 2023.
The Backpack trading pair SOL/USDC presently has the highest SOL spot trading volume globally, reaching over $890 million in a single day. Trailing behind it are Binance’s SOL/USDT with $362 million and Bybit’s SOL/USDC with $13.7 million. According to CoinMarketCap data, the Solana token increased by 1.71% in the 24 hours leading up to 10:25 am CET, reaching $112.25. Currently, SOL is the 5th largest cryptocurrency by market cap, having momentarily surpassed Binance’s BNB token on Feb. 13.
Published At
2/19/2024 1:02:27 PM
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