Backpack surpasses $1B in 24-hour volume, announces Banxa partnership

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Cryptocurrency exchange Backpack has partnered with global crypto on-ramp provider Banxa for a digital asset on- and off-ramp solution.

Backpack users in over 130 countries will be able to use the new on-ramp solution, according to Banxa’s Feb. 19  announcement on X. Backpack Exchange was launched by the creators of Solana’s Mad Lads executable nonfungible token (NFT) collection.

The partnership is viewed as a positive step for Backpack users and the exchange’s user experience, according to Anndy Lian, intergovernmental blockchain expert and author of the book NFT: From Zero to Hero. He told Cointelegraph:

“[The partnership] enables 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 its supported tokens.”

The announcement came after Backpack surpassed $1 billion in 24-hour trading volume on Feb. 18, within four days of the launch of its trading pre-season. Backpack surpassed $300 million in daily trading volume within 24 hours on Feb. 15

Following the rapidly growing trading volume, Armani Ferrante, the founder and CEO of Backpack, took to X to caution against potential overexcitement by traders that could cause them to execute losing trades.

“This is a long-term program for our long-term users, and I’d like to encourage people to trade responsibly. We have *a lot* to build, and the pre-season just got started.”

Backpack Exchange received a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023. The exchange bagged many other operational licenses across several jurisdictions worldwide in the last half of 2023.

Backpack’s SOL/USD pair leads global trading volume

Backpack’s SOL/USDC trading pair is currently the most traded Solana (SOL) spot trading pair in the world, with over $890 million in 24-hour trading volume. Binance’s SOL/USDT is in second place with $362 million in 24-hour volume, followed by Bybit’s $13.7 million SOL/USDC pair in third.

SOL rose 1.71% in the 24 hours leading up to 10:25 am Central European Time to trade at $112.25, according to CoinMarketCap data. SOL remains the fifth-largest cryptocurrency by market cap after temporarily overtaking Binance’s BNB (BNB) token on Feb. 13.

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SOL/USD seven-day chart. Source: CoinMarketCap

Related: Ether ETF verdict: Gensler stays muted