Backpack, a well-known NFT wallet app built on the Solana blockchain, is preparing to enter the regulated cryptocurrency exchange domain. In addition to that, they have announced the launch of Backpack Exchange. This exciting development follows the recent acquisition of a Virtual Assey Service Provider (VASP) license from the Dubia Virtual Assets Regulatory Authority (VARA).
Backpack’s Expansion plans
The NFT wallet app Backpack is going to launch a regulated crypto exchange after gaining the VASP license from VARA. Not to mention, the license covers exchange operations and does not extend other features of the Backpack app. Coral, the company behind Backpack and Coral’s Mad Labs collection, is also getting huge attention in the digital space after the company’s recent announcement on X.
Furthermore, Backpack Exchange is currently in its private beta phase. The app is scheduled to launch exclusively for existing members of Coral’s Backpack and Mad Labs communities this November. Besides, this testing phase will serve as an opportunity for the team to gather essential insights before the launch of the platform.
Additionally, the exchange aims to provide users with an efficient and scalable trading environment. What’s more, Backpack Exchange will offer a comprehensive trading experience, including spot trading, derivatives, and margin trading. Moreover, for global accessibility, the exchange has plans to acquire additional licenses tailored to various jurisdictions. Solana’s impressively high throughput and cost-effective transaction fees make it an attractive choice for cryptocurrency traders looking to minimize expenses.
Market’s Reaction to Backpack’s Announcement
The announcement of the launch of Backpack Exchange is gaining attention from seasoned and newcomers in the crypto space. Besides, the VARA license backing and the strong reputation of Coral have convinced investors of a secure trading atmosphere.
As the day of the launch approaches, the Backpack Exchange team remains committed to refining the platform. Further, they will address any potential issues for an easy trading experience. The public launch is scheduled for the first quarter of 2024, and crypto enthusiasts are eagerly waiting for it. Finally, as the Solana ecosystem continues to grow, the combination of the app and blockchain will deliver success in the crypto trading domain.