Banxa partnership announced as Backpack’s 24-hour volume exceeds $1B

Cryptocurrency exchange Backpack has formed a partnership with global crypto on-ramp provider Banxa to offer a digital asset on- and off-ramp solution. According to Banxa’s announcement on X, Backpack users in over 130 countries will have access to this new on-ramp solution. Backpack Exchange, created by the team behind Solana’s Mad Lads NFT collection, sees this partnership as a positive step for its users and the overall user experience. Anndy Lian, a blockchain expert, believes that this collaboration will make it easier for Backpack users to buy and sell crypto using various payment methods, ultimately increasing adoption and liquidity. The partnership comes after Backpack achieved over $1 billion in 24-hour trading volume within just four days of its trading pre-season launch. However, Armani Ferrante, the founder and CEO of Backpack, warns traders against getting too excited and urges responsible trading. In October 2023, Backpack Exchange obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority, along with other operational licenses across multiple jurisdictions. Currently, Backpack’s SOL/USDC trading pair is the most traded Solana spot trading pair globally, with a 24-hour trading volume of over $890 million. SOL, the fifth-largest cryptocurrency by market cap, experienced a 1.71% increase in price over a 24-hour period, trading at $112.25.