Backpack Exchange Makes Its US Debut, Offering Services in 12 States
In Brief
The Backpack Exchange, which operates within the Solana ecosystem, is gearing up to expand its services throughout the United States in 12 different states.
This crypto exchange, based on the Solana (SOL) ecosystem, recently announced its official entry into the American market. Backpack Exchange In a social media announcement on platform X, the exchange revealed plans to launch operations in states such as California, Colorado, Indiana, Missouri, New Hampshire, Pennsylvania, Tennessee, Utah, Virginia, the Virgin Islands, Wisconsin, and Wyoming.
Nevertheless, Backpack Exchange has cautioned that the ramp-up into the US market may be gradual, and there may be times when certain markets or activities are not available to users.
Backpack Exchange Makes a Mark on the Global Crypto Exchange Scene
Established in 2023, Backpack Exchange features advanced security measures including zero-knowledge proofs of reserves, Multi-Party Computation (MPC), and streamlined order execution for protecting user assets and providing efficient service.
The exchange currently holds It has secured a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), which enables it to operate locally in a transparent and regulatory-compliant manner.
To innovate its operational model, Backpack Exchange has introduced implemented a points system driven by the trading volume of accounts, which is expected to play a key role in shaping future marketing campaigns.
Recently, they kicked off a pre-season beta launch, quickly reaching an impressive $300 million in trading volume. Notably, the SOL/USDC trading pair saw a remarkable 24-hour trading volume that surpassed $643 million, significantly exceeding the $2.4 million recorded by the same pair on the Binance exchange.
With its strategic move into the US market, Backpack Exchange is positioned as a significant participant in the dynamic world of cryptocurrency exchanges.
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