For an on- and off-ramp solution for digital assets, cryptocurrency exchange Backpack has teamed up with international crypto on-ramp supplier Banxa.Banxa said on X that backpack users in more than 130 countries will be able to utilize the new on-ramp solution. The announcement was made on February 19.The folks behind Solana’s Mad Lads executable nonfungible token (NFT) collection introduced Backpack Exchange.Intergovernmental blockchain specialist and author of NFT: From Zero to Hero Anndy Lian sees the agreement as a good step for Backpack users and the exchange’s user experience.He stated 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.”
Backpack made the announcement on February 18, four days after its trading pre-season began, when its 24-hour trading volume exceeded $1 billion.On February 15, Backpack’s daily trade volume exceeded $300 million in a single day.
Backpack’s founder and CEO, Armani Ferrante, took to X as the trading volume began to rise quickly to warn against traders being overexcited and placing lost deals.
“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.”
In October 2023, Backpack Exchange was granted a license by the Dubai Virtual Assets Regulatory Authority to operate virtual asset services.In the latter part of 2023, the exchange obtained numerous additional operating licenses in various jurisdictions across the globe.
Currently, with over $890 million in 24-hour trading volume, Backpack’s SOL/USDC trading pair is the most traded Solana spot trading pair worldwide. After a 24-hour volume of $362 million, Binance’s SOL/USDT pair is in second position, and Bybit’s SOL/USDC pair, with $13.7 million, is in third place.SOL increased 1.71% in the 24 hours before 10:25 am Central European Time, closing at $112.25, as per CoinMarketCap statistics.Following its brief victory over Binance’s BNB token on February 13, SOL is still the fifth-largest cryptocurrency by market capitalization.