Business News Report
February 21, 2024

Backpack Exchange Enters the US Market, Launches Services in 12 States

In Brief

Solana ecosystem-based Backpack Exchange aims to extend its reach in the United States market, by launching its services in 12 states.

Backpack Exchange Enters United States Market, Launches Services in 12 states

Solana (SOL) ecosystem-based crypto exchange Backpack Exchange announced it officially has entered the United States market. According to its post on social media platform X, the exchange is set to commence its services in 12 US states including California, Colorado, Indiana, Missouri, New Hampshire, Pennsylvania, Tennessee, Utah, Virginia, the Virgin Islands, Wisconsin and Wyoming. 

However, Backpack Exchange reminded users that the onboarding process into the new United States market might proceed relatively slowly. Additionally, there could be instances in the future where specific markets and drop activities may not be accessible.

Backpack Exchange Enters the Global Arena of Crypto Exchanges 

Launched in 2023, Backpack Exchange integrates security measures such as zero-knowledge proof of reserves, Multi-Party Computation (MPC), and low-latency order execution to ensure the protection of assets and efficient order execution capabilities.

The exchange currently holds a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to conduct operations locally transparently and compliant with regulatory standards. 

To reshape the platform’s operational dynamics, Backpack Exchange has implemented a points system based on account trading volume. The system is anticipated to serve as a benchmark for future marketing initiatives.

Recently, the exchange commenced a pre-season beta launch, achieving a significant $300 million trading volume milestone shortly afterwards. Furthermore, its SOL/USDC spot trading pair recorded a 24-hour trading volume exceeding $643 million, outpacing the similar trading pair on the cryptocurrency exchange Binance, which generated $2.4 million in 24-hour trading volume.

Backpack Exchange’s strategic expansion into the United States market highlights it as a notable player in the evolving landscape of cryptocurrency exchanges.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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