$1 billion traded within days shows maturity, says new crypto exchange CEO

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• Armani Ferrante, founder of the Backpack crypto exchange, highlights Backpack’s launch as proof of the crypto market’s maturation
• The platform saw an impressive $1 billion 24-hour volume within days of its pre-season.
• Despite a temporary 6.4% decrease in daily trading volume, Ferrante remains optimistic, emphasising crypto’s potential to outperform traditional finance and the exchange’s focus on expanding globally.

According to Cointelegraph, Armani Ferrante, the founder and CEO of Backpack, stated that the successful launch of cryptocurrency exchange, Backpack, is evidence of the growing maturity of the market for cryptocurrencies and the need for more reliable exchanges.

Backpack exchange hits $1B

Backpack’s 24-hour volume reached over $1 billion on February 18, just four days after its trading pre-season began.

According to CoinGecko statistics, the exchange’s daily trading volume decreased by 6.4% to $296 million in the 24 hours on February 27.

Ferrante said: “What we saw was ultimately just validation of the thesis that the world needs a new trustworthy crypto exchange.”

Also read: Report reveals $1.9B surge in VC funding for cryptocurrencies in Q4 2023

Backpack exchange looks to challenge traditional finance

In the United States, a number of sizeable regional banks failed in 2023, including First Republic Bank, Silicon Valley Bank, and Signature Bank. In March, Switzerland saw the failure of Credit Suisse, which was the second-biggest bank.

Ferrante claims that cryptocurrency has the potential to significantly outperform traditional financial products, and he plans to push this goal in the next years.

“We’re excited to bring to the world a lot of the real tangible benefits of blockchain technology to build next-generation financial infrastructure. We have a big opportunity, and I think a lot of it has already been validated.”

Ferrante stated that the exchange is also concentrated on growing internationally. The Dubai Virtual Assets Regulatory Authority granted Backpack a license to conduct virtual asset services in October 2023.