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Backpack exchange partners with Banxa to enhance crypto on-ramp solution

TL;DR

  • Backpack Exchange collaborates with Banxa for smoother crypto transactions, benefitting users in 130+ countries.
  • Record-breaking trading volumes demonstrate Backpack’s rapid growth and global acceptance among traders.
  • Solana maintains its position as the 5th largest cryptocurrency, showcasing resilience and steady market growth.

Backpack Exchange, the brainchild of the creators behind Solana’s Mad Lads NFT collection, has recently forged a significant partnership with Banxa, a global crypto on-ramp provider. 

This collaboration aims to revolutionize digital asset transactions by offering users a seamless on- and off-ramp solution. With Banxa’s expertise, Backpack users in more than 130 countries can now access a convenient platform for buying and selling cryptocurrencies using fiat currencies and various payment methods.

Backpack exchange enhanced user experience

The partnership between Backpack Exchange and Banxa marks a pivotal moment for crypto enthusiasts worldwide. Anndy Lian, an intergovernmental blockchain expert and author, views this collaboration as a positive step toward enhancing user experience. 

He highlights the convenience of enabling Backpack users to easily transact, utilizing payment methods such as credit cards, bank transfers, and e-wallets. This streamlined approach is poised to drive adoption and increase liquidity for Backpack and its supported tokens.

Backpack Exchange’s meteoric rise in crypto is evident through its remarkable trading volumes. Just days after the launch of its trading pre-season, Backpack surpassed the $1 billion mark in 24-hour trading volume on February 18th. 

This achievement underscores the platform’s rapid growth and widespread acceptance among traders. Armani Ferrante, the founder and CEO of Backpack, emphasizes the importance of responsible trading amidst the excitement, highlighting the platform’s long-term vision and commitment to its users.

Regulatory compliance and global expansion

Backpack Exchange’s commitment to regulatory compliance and global expansion is evident through its acquisition of a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. 

The exchange has also obtained operational licenses across various jurisdictions worldwide, solidifying its position as a trusted player in the crypto market. These regulatory milestones pave the way for further expansion and growth opportunities for Backpack Exchange.

Backpack Exchange’s SOL/USDC trading pair has emerged as the most traded SOL spot trading pair globally, with an impressive $890 million 24-hour trading volume. This dominance signifies the platform’s popularity and liquidity among traders. 

Notably, Backpack Exchange surpasses other major exchanges, with Binance‘s SOL/USDT and Bybit’s SOL/USDC pairs trailing behind. The platform’s strong performance underscores its competitive edge and market leadership in the crypto space.

Solana’s market position

The Solana token has demonstrated resilience and steady growth, reflected in its 1.71% increase in the 24 hours leading up to 10:25 am CET. With $112.25, SOL maintains its position as the 5th largest cryptocurrency by market capitalization. 

Despite stiff competition, Solana has held its ground, temporarily overtaking Binance’s BNB token on February 13th. This achievement underscores Solana’s robust fundamentals and market appeal among investors and traders alike.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

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