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.
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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
