- Several analysts see the collaboration as a good development for Backpack users.
- Backpack CEO warned traders not to get too excited and lose money after volume spike.
For a digital asset on- and off-ramp solution, crypto exchange Backpack teamed up with Banxa, a worldwide crypto on-ramp provider. Banxa announced on twitter on February 19 that the new on-ramp solution would be available to backpack users in more than 130 countries. The developers of Solana’s executable collection of non-fungible tokens (Mad Lads) established Backpack Exchange.
Several analysts see the collaboration as a good development for Backpack users and the exchange’s user experience. Just four days after its trading pre-season began, on February 18, Backpack’s 24-hour trade volume reached $1 billion, prompting the announcement. On February 15th, Backpack’s daily trade volume topped $300 million in less than 24 hours.
Pre-season Just Got Started
The creator and CEO of Backpack, Armani Ferrante, went to twitter after the trading volume spiked to warn traders not to get too excited and lose money.
The CEO stated:
“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.”
In October 2023, Backpack Exchange was granted a license to offer virtual asset services by the Dubai Virtual Assets Regulatory Authority. In the second half of 2023, the exchange secured a plethora of additional functioning licenses in various countries across the globe.
Armani Ferrante, said in a post on February 13 that the platform saw 6,000 distinct deposit transactions in the first day of its pre-season debut.
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