Backpack, a cryptocurrency exchange, has partnered with Banxa, a global provider of crypto on-ramp services, to develop an off-ramp solution for digital assets.
The new on-ramp solution will be accessible to backpack users in more than 130 countries, Banxa announced on X on February 19. The developers of Solana’s Mad Lads executable nonfungible token (NFT) collection introduced Backpack Exchange.
Backpack users and the exchange’s user experience stand to benefit from the partnership, according to intergovernmental blockchain expert and author of the book NFT: From Zero to Hero Anndy Lian. He communicated with Cointelegraph:
“[The partnership] facilitates the buying and selling of cryptocurrencies with fiat currencies by Backpack users via various payment mechanisms, including bank transfers, credit cards, and e-wallets. This will facilitate the expansion of Backpack and its supported tokens’ adoption and liquidity.
Backpack surpassed $1 billion in 24-hour trading volume on February 18, just four days after the trading pre-season commenced. This development prompted the announcement. Backpack’s daily trading volume surpassed $300 million within twenty-four hours on February 15.
In response to the exponential increase in trading volume, Armani Ferrante, Backpack’s founder and chief executive officer, issued a warning on X regarding the possibility that traders’ excessive enthusiasm could lead them to execute unsuccessful transactions.
“As this is a long-term initiative designed for our loyal clientele, I urge individuals to engage in responsible trading. “With the pre-season just beginning, we have much to construct.”
The Dubai Virtual Assets Regulatory Authority (VARA) issued Backpack Exchange a virtual asset service provider (VASP) license in October 2023. The exchange obtained many additional operational licenses in multiple jurisdictions around the globe during the latter part of 2023.
Backpack SOL/USD Trading Volume Soars
With a 24-hour trading volume exceeding $890 million, Backpack’s SOL/USDC forex is the most actively traded SOL spot trading pair globally. Following in second place with $362 million in 24-hour volume is the SOL/USDT pair from Binance, the largest exchange globally. In third place is the $13.7 million SOL/USDC pair from Bybit.
CoinMarketCap data indicates that the Solana token increased 1.71 percent in the twenty-four hours before 10:25 am CET, reaching $112.25. SOL ranks fifth in market capitalization, having momentarily surpassed the BNB token on Binance on February 13.
