Cryptocurrency exchange Backpack has joined forces with global crypto on-ramp provider Banxa to introduce a digital asset on- and off-ramp solution. According to Banxa’s announcement on X, users of Backpack in over 130 countries will now have access to this new on-ramp solution. Backpack Exchange, created by the team behind Solana’s Mad Lads NFT collection, sees this partnership as a positive step towards enhancing user experience. Anndy Lian, an intergovernmental blockchain expert and author, believes that this collaboration will allow Backpack users to easily trade cryptocurrencies with fiat currencies using various payment methods, ultimately boosting the adoption and liquidity of Backpack and its supported tokens.
The announcement comes shortly after Backpack achieved a trading volume of over $1 billion within 24 hours, just four days after the launch of its trading pre-season. On February 15, the exchange surpassed $300 million in daily trading volume within 24 hours. In light of this rapid growth, Backpack’s CEO, Armani Ferrante, urges traders to exercise caution and trade responsibly, emphasizing that the exchange has long-term goals in mind.
Backpack Exchange obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023 and acquired several operational licenses across various jurisdictions worldwide in the latter half of the same year.
Among the Solana spot trading pairs, Backpack’s SOL/USDC is currently the most traded, with a 24-hour trading volume of over $890 million. Binance’s SOL/USDT ranks second with a trading volume of $362 million, followed by Bybit’s SOL/USDC pair with $13.7 million.
As of 10:25 am Central European Time, SOL rose by 1.71% and was trading at $112.25, making it the fifth-largest cryptocurrency by market cap. It briefly surpassed Binance’s BNB token on February 13.