Dubai

<ul>
 <li>Several analysts see the collaboration as a good development for Backpack users.</li>
 <li>Backpack CEO warned traders not to get too excited and lose money after volume spike.</li>
</ul>
For a digital asset on- and off-ramp solution, crypto exchange <a href="https://thenewscrypto.com/backpack-receives-vasp-license-in-dubai/" target="_blank" rel="noopener noreferrer nofollow">Backpack</a> teamed up with Banxa, a worldwide crypto on-ramp provider. <a href="https://thenewscrypto.com/banxa-and-bitmart-partner-for-seamless-fiat-to-crypto-onboarding/" target="_blank" rel="noopener noreferrer nofollow">Banxa</a> 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 <a href="https://solana.com/" target="_blank" rel="noopener noreferrer nofollow">Solana’s</a> 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.
<h3 class="wp-block-heading" id="h-pre-season-just-got-started">Pre-season Just Got Started</h3>
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:
<blockquote class="wp-block-quote">
 “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.”
</blockquote>
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.
<a href="https://twitter.com/armaniferrante?lang=en" target="_blank" rel="noopener noreferrer nofollow">Armani Ferrante</a>, 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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Backpack Collaborates with Banxa Amidst Surge in Trading Volume

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TheNewsCrypto

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