The wallet exceeded $1 billion in 24-hour volume, Banxa Partnership announced
Cryptocurrency exchange Backpack has partnered with global crypto on-ramp provider Banxa for a digital asset on- and off-ramp solution.
Wallet users in more than 130 countries can use the new ramp solution, according to Banxa's February 19 announcement on X. Backpack Exchange was launched by the creators of Solana's Mad Lads executable nonfungible token (NFT) collection.
The partnership is seen as a positive step for wallet users and the exchange's user experience, according to Andy Lean, a blockchain expert and author of the book NFT: From Zero to Hero. He told Cointelegraph.
“[The partnership] Backpack allows 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 the wallet and its supported tokens.
The announcement comes just four days after Backpack surpassed $1 billion in 24-hour trading volume on February 18, four days after its pre-marketing launch. Bag exceeded 300 million dollars in 24 hours on February 15
>$1 billion 24H vote on @Backpack Exchange pic.twitter.com/qGWh4f4tuS
— Backpack (@Backpack) February 18, 2024
Armani Ferrante, the founder and CEO of Backpack, has taken to X to warn traders of the potential for overexcitement and losses in the wake of rapidly growing trading volume.
“This is a long-term program for our long-term users, and I want to encourage people to trade responsibly. We have a *lot* to build on, and the preseason has only just begun.
Backpack Exchange received a virtual value service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023. The exchange secured several other operating licenses in various jurisdictions around the world in the latter half of 2023.
The backpacker SOL/USD pair leads global trading.
The wallet SOL/USDC trading pair is currently the most traded Solana (SOL) spot trading pair in the world, with a 24-hour trading volume of over $890 million. Binance's SOL/USDT is in second place with $362 million in 24-hour volume, while BiBit's $13.7 million SOL/USDC pair is in third place.
According to CoinMarketCap data, SOL rose by 1.71% to trade at $112.25 in the 24 hours to 10:25 am CET. SOL remains the fifth largest cryptocurrency by market capitalization after temporarily overtaking Binance's BNB (BNB) token on February 13.
Related: Ether ETF Decision: Gensler Remains Mute
