Cryptocurrency exchange Backpack has forged a partnership with global crypto on-ramp provider Banxa, unveiling a digital asset on- and off-ramp solution.
According to Banxa’s announcement on X, Backpack users in over 130 countries will now have access to this new on-ramp solution.
Backpack Exchange, birthed by the minds behind Solana’s Mad Lads executable nonfungible token (NFT) collection, initiated this collaboration.
Anndy Lian, an intergovernmental blockchain expert and author of the book NFT: From Zero to Hero, hailed the partnership as a boon for Backpack users and their overall exchange experience. He conveyed to Cointelegraph:
“[The partnership] enables Backpack users to easily buy and sell crypto with fiat currencies using various payment methods, such as credit cards, bank transfers, and e-wallets.
This will help increase the adoption and liquidity of Backpack and its supported tokens.”
The announcement follows Backpack’s impressive achievement of surpassing $1 billion in 24-hour trading volume on Feb. 18, just four days into the launch of its trading pre-season.
Notably, Backpack had already exceeded $300 million in daily trading volume within 24 hours on Feb. 15.
With the trading volume rapidly escalating, Armani Ferrante, Backpack’s founder and CEO, issued a word of caution on X, advising traders against getting overly excited, which might lead to detrimental trades:
“This is a long-term program for our long-term users, and I’d like to encourage people to trade responsibly. We have a lot to build, and the pre-season just got started.”
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Having obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023, Backpack Exchange also secured numerous operational licenses across various jurisdictions worldwide in the latter half of 2023.
Currently, Backpack’s SOL/USDC trading pair reigns supreme as the most traded Solana spot trading pair globally, boasting over $890 million in 24-hour trading volume.
Binance’s SOL/USDT trails in second place with $362 million in 24-hour volume, followed by Bybit’s $13.7 million SOL/USDC pair in third.
SOL experienced a 1.71% rise in the 24 hours leading up to 10:25 am Central European Time, trading at $112.25, as per CoinMarketCap data. SOL maintains its position as the fifth-largest cryptocurrency by market cap, having briefly surpassed Binance’s BNB token on Feb. 13.
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