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

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

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 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 token on Feb. 13.

 

Source: https://cointelegraph.com/news/backpack-1-billion-24-hour-volume

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Mad Lads’ Backpack Exchange surpasses $300M trading volume in 24 hours

Mad Lads’ Backpack Exchange surpasses $300M trading volume in 24 hours

The Solana-based Backpack crypto exchange reached the $300 million mark in less than 24 hours after the beginning of its pre-season beta launch, according to a Feb. 15 X post by Backpack. The exchange was launched by the creators of Solana’s Mad Lads executable nonfungible token (NFT) collection.

The popularity of the exchange is partly due to the Backpack ecosystem’s record-breaking Mad Lads xNFT collection and the potential of its underlying Solana blockchain, according to Anndy Lian, intergovernmental blockchain expert and author of the book NFT: From Zero to Hero. He told Cointelegraph:

“Backpack Exchange leverages the Solana blockchain, one of the fastest and most scalable platforms for decentralized applications […] Solana is also seen as a potential contender for the future of decentralized finance, or DeFi, which is a fast-growing sector of the crypto industry.”

Backpack registered 6,000 unique deposit transactions within 24 hours of its pre-season launch, according to a Feb. 13 X post by Armani Ferrante, the founder and CEO of Backpack.

The newly-launched exchange boasts impressive trading metrics, including one-millisecond order placement and sub-one millisecond order cancelation, according to Ferrante.

Backpack’s SOL/USDC spot trading pair reached over $643 million in 24-hour trading volume, overtaking the world’s largest exchange, Binance’s trading pair, which generated $2.4 million in 24-hour trading volume.

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

Mad Lads become third-largest NFTs by daily volume

Following Backpack’s success, the 24-hour trading volume of Mad Lads NFTs rose 77.93% to over $1 million, becoming the third-largest collection by daily trading volume across all blockchain networks.

Solana’s sales volume rose 20.19% to $7.35 million, becoming the second-largest blockchain by daily NFT sales volume after Ethereum, which generated $18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.

 

 

 

Source: https://cointelegraph.com/news/mad-lads-backpack-300-m-trading-volume

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Mad Lads’ Backpack Exchange Crosses $300 Million Trading Volume in 24 Hours

Mad Lads’ Backpack Exchange Crosses $300 Million Trading Volume in 24 Hours

According to Cointelegraph: Backpack, a crypto exchange based on the Solana blockchain, achieved a trading volume of $300 million within 24 hours of its pre-season beta launch. This significant milestone was declared in a Feb 15th post by the Backpack team following the successful launch of the exchange. Backpack was ushered in by the founders of Solana’s Mad Lads, a popular nonfungible token (NFT) collection.

The exchange’s popularity is attributed both to the success of the Mad Lads xNFT collection and to the potential of the Solana blockchain platform. Blockchain expert Anndy Lian credits the Solana blockchain for its remarkable speed and scalability, making it a potential future heavyweight in the world of decentralized finance (DeFi).

The founder and CEO of Backpack, Armani Ferrante, reported 6,000 unique deposit transactions within the first 24 hours of the exchange’s pre-season launch. Trading features include one-millisecond order placement and sub-one millisecond order cancellation. Backpack’s SOL/USDC spot trading pair achieved over $643 million in 24-hour trading volume, surpassing Binance’s trading pair, which stood at $2.4 million.

Backpack received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. Additionally, the exchange secured numerous other operational licenses across multiple jurisdictions in the latter half of 2023.

Following the launch, the Mad Lads NFTs reported a rise in their 24-hour trading volume by 77.93% to over £1 million, making it the third-largest collection by daily volume across all blockchain networks.

 

Source: https://www.binance.com/hu/feed/post/4197002116281

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j