The cryptocurrency exchange serving the Solana ecosystem, Backpack, has partnered with global crypto liquidity provider Banxa for a crypto asset onboarding and offboarding solution. According to Banxa’s announcement on February 19th, Backpack users in over 130 countries will be able to use the new on-ramp solution. Backpack Exchange was launched by the creators of Solana’s Mad Lads NFT collection.
Significant Step from the Backpack Team
According to blockchain expert and NFT book author Anndy Lian, the partnership is viewed as a positive step for Backpack users and the exchange’s user experience: The author of From Zero to Hero made the following statement regarding the issue:
“It allows 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 the supported tokens.”
The announcement comes after Backpack’s 24-hour trading volume surpassed $1 billion within four days following the start of its preseason transactions on February 18th. On February 15th, Backpack exceeded a daily trading volume of $300 million within 24 hours.
Following the rapidly increasing trading volume, Backpack’s founder and CEO Armani Ferrante warned investors about potential overexcitement that could lead to lost transactions:
“This is a long-term program for our long-term users, and I want to encourage responsible trading. There is a lot we need to build, and the preseason has just started.”
Crypto Exchange Marks Notable Success
Backpack Exchange received a crypto asset service provider license from the Dubai Virtual Asset Regulatory Authority in October 2023. The exchange has obtained several other operational licenses in various jurisdictions worldwide in the second half of 2023.
Backpack’s SOL/USDC trading pair has surpassed $890 million in 24-hour trading volume, currently standing out as the world’s most traded Solana spot trading pair. Binance‘s SOL/USDT trading pair is in second place with a 24-hour volume of $362 million, while Bybit’s SOL/USDC trading pair is in third place with $13.7 million.
According to CoinMarketCap data, SOL has increased by 1.71% in the last 24 hours, trading at $112.25. SOL continues to be the fifth-largest cryptocurrency by market value after temporarily surpassing Binance’s BNB.
