Backpack Exchange Surpasses $1 Billion in Daily Trading Volume, Partners with Banxa for Global Expansion

Backpack Exchange Surpasses $1 Billion in Daily Trading Volume, Partners with Banxa for Global Expansion

Crypto News – Cryptocurrency exchange Backpack has achieved a remarkable milestone, surpassing $1 billion in 24-hour trading volume. In tandem with this achievement, the exchange has forged a strategic partnership with Banxa, a leading global crypto on-ramp provider, to enhance its digital asset services.

Banxa‘s announcement on February 19 highlighted that Backpack users in over 130 countries will benefit from the newly established on- and off-ramp solution. Notably, Backpack Exchange, which was initiated by the creators of Solana’s Mad Lads executable nonfungible token (NFT) collection, stands to significantly expand its user base and improve overall user experience through this collaboration.

Renowned intergovernmental blockchain expert and author Anndy Lian has emphasized the positive implications of this partnership. He believes that it will facilitate seamless transactions for Backpack users, enabling them to effortlessly buy and sell cryptocurrencies with fiat currencies using various payment methods such as credit cards, bank transfers, and e-wallets. Lian predicts that this development will catalyze greater adoption and liquidity for Backpack and its supported tokens.

The announcement of the partnership coincided with Backpack’s impressive achievement of surpassing $1 billion in 24-hour trading volume on February 18, just four days into the launch of its trading pre-season. This rapid growth trajectory underscores the exchange’s burgeoning prominence in the cryptocurrency market.

Armani Ferrante, the founder and CEO of Backpack, has cautioned traders against overexcitement, emphasizing the importance of responsible trading practices. Ferrante stresses that Backpack’s vision is long-term, urging users to exercise prudence in their trading activities as the exchange embarks on its journey of development and expansion.

Having secured a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023, Backpack Exchange has solidified its regulatory compliance and operational framework. The exchange has also obtained numerous operational licenses across multiple jurisdictions worldwide, further bolstering its credibility and reach.

Notably, Backpack’s SOL/USDC trading pair has emerged as the most traded SOL spot trading pair globally, boasting over $890 million in 24-hour trading volume. This dominance underscores Backpack’s pivotal role in facilitating the trading of Solana tokens.

As of the latest data from CoinMarketCap, the Solana token has experienced a modest 1.71% increase in the 24 hours leading up to 10:25 am CET, trading at $112.25. Despite momentarily overtaking Binance’s BNB token on February 13, SOL maintains its position as the 5th largest cryptocurrency by market capitalization.

In summary, Backpack’s landmark achievements, coupled with its strategic partnership with Banxa, signify a significant advancement in the realm of digital asset trading. With a steadfast commitment to responsible trading practices and regulatory compliance, Backpack Exchange is poised for sustained growth and impact in the cryptocurrency ecosystem.