Backpack exchange surpasses US$1 billion in volume and partners with Banxa

In a strategic move that is shaking up the cryptocurrency market, exchange Backpack has announced a significant partnership with Banxa, a renowned global crypto asset solutions provider. This collaboration promises to facilitate the ingress and egress of digital assets for Backpack users, who now span more than 130 countries.

This initiative comes as Backpack, a platform that gained recognition for launching Solana’s collection of Mad Lads executable non-fungible tokens (NFTs), celebrates an impressive milestone. The exchange recently surpassed the $1 billion mark in trading volume in just 24 hours, a remarkable feat that underlines its growing influence in the cryptocurrency space.

The partnership between Backpack and Banxa is seen as a significant step forward in improving the user experience on the platform. Anndy Lian, an intergovernmental blockchain expert and author of the book “NFT: From Zero to Hero”, highlighted the importance of this collaboration. “Allows 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,” said Lian.

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

— Backpack 🎒 (@Backpack) February 18, 2024

This announcement comes on the heels of explosive growth for Backpack, which recorded daily trading volume exceeding $300 million in 24 hours on February 15, only to surpass that mark days later. This rapid growth has led Armani Ferrante, founder and CEO of Backpack, to advise caution among traders.

“This is a long-term program for our long-term users and I would like to encourage people to trade responsibly. We have a lot to build on and the preseason has just started,” said Ferrante.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.