{"id":71753,"date":"2024-02-19T06:37:42","date_gmt":"2024-02-19T10:37:42","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71753"},"modified":"2024-02-19T06:37:44","modified_gmt":"2024-02-19T10:37:44","slug":"backpack-exchange-banxa-partner-for-off-ramp-digital-assets-solution","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/backpack-exchange-banxa-partner-for-off-ramp-digital-assets-solution\/","title":{"rendered":"Backpack Exchange, Banxa Partner for Off-ramp Digital Assets Solution"},"content":{"rendered":"\n

Backpack, a cryptocurrency exchange, has partnered with Banxa, a global provider of crypto on-ramp services<\/a>, to develop an off-ramp solution for digital assets.<\/p>\n\n\n\n

\"Backpack
Backpack Exchange, Banxa Partner for Off-ramp Digital Assets Solution <\/figcaption><\/figure>\n\n\n\n

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<\/a> (NFT) collection introduced Backpack Exchange.<\/p>\n\n\n\n

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:<\/p>\n\n\n\n

“[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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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>$1 Billion 24H Volume on @Backpack\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Exchange pic.twitter.com\/qGWh4f4tuS<\/use><\/svg><\/span><\/a><\/p>— Backpack \ud83c\udf92 (@Backpack) February 18, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

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.<\/p>\n\n\n\n

“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<\/em> to construct.”<\/p>\n\n\n\n

The Dubai Virtual Assets Regulatory Authority (VARA) issued Backpack Exchange<\/use><\/svg><\/span><\/a> 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.<\/p>\n\n\n\n

Backpack SOL\/USD Trading Volume Soars<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a> on Binance on February 13.<\/p>\n\n\n\n

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SOL\/USD 7-day chart. Source: CoinMarketCap.com<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

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) […]<\/p>\n","protected":false},"author":12,"featured_media":71771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[10781,17163,18474,1058],"class_list":["post-71753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-banxa","tag-backpack-exchange","tag-crypto-off-ramp-solution","tag-digital-asset"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/image-60.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71753"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71771"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}