Banxa Partnership for Global Reach

The new partnership allows Backpack users in over 130 countries to easily buy and sell crypto with fiat currencies through various methods like credit cards, bank transfers, and e-wallets. This collaboration, as blockchain expert Anndy Lian says, is “a positive step for Backpack users and the exchange’s overall experience” by boosting adoption and liquidity.

Backpack crossed $1 billion in daily trading volume just four days after launching its pre-season, quickly reaching $300 million within 24 hours on Feb 15th.

>$1 Billion 24H Volume on @Backpack Exchange pic.twitter.com/qGWh4f4tuS

— Backpack (@Backpack) February 18, 2024

Founder and CEO Armani Ferrante cautions users against overexcitement and encourages responsible trading, reminding them that this is a “long-term program” with much to build.

Backpack secured a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023, followed by several other international licenses throughout the latter half of the year. Currently, their SOL/USDC pair boasts the highest global trading volume among Solana spot trading pairs, surpassing even established exchanges like Binance and Bybit.

The SOL/USDC pair’s popularity has contributed to SOL’s own 1.71% price increase, solidifying its position as the fifth-largest cryptocurrency by market cap, recently even temporarily overtaking Binance ‘s BNB token.

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