Backpack Exchange Korea deal lands as its token climbs 6.6%

Backpack Exchange Korea deal lands as its token climbs 6.6% in a day

Backpack Exchange said on Oct. 29 it will work with SK Securities on Korean equity trading, as its token traded at $1.053, up 6.6% in 24 hours at 3:41 p.m. ET.

The quick take

Price: Backpack Exchange ($BP) at $1.053, up 6.6% in 24 hours (+6.6% ↑) as of 3:41 p.m. ET.
Trigger: a new partnership with Korean broker SK Securities, a day after Kamino Finance opened loans against Backpack’s tokenized shares.
Watch: a launch date for Korean trading in the Backpack app, and how much collateral the new Kamino market draws.

Backpack Exchange ($BP) announced a partnership with SK Securities on Thursday, Oct. 29. The Backpack Exchange Korea deal aims to let eligible investors outside Korea trade Korean equities through the Backpack app.

What happened

SK Securities is a listed Korean securities firm (KRX: 001510). Backpack said the two firms will offer Korean stock trading to eligible non-resident foreign investors.

SK Securities brings underwriting, issuance and distribution, while Backpack brings blockchain infrastructure, custody and its global user base. The firms also plan joint work on tokenized securities and real-world assets, subject to local law.

“Korean equities have long been out of reach for most global investors and we’re changing that,” said Armani Ferrante, Backpack’s co-founder and CEO.

A day earlier, on Oct. 28, Kamino Finance ($KMNO) opened a Backpack Market, SolanaFloor reported. Users can borrow $USDC against Backpack’s tokenized shares of Micron, SK Hynix, SpaceX and SanDisk, with risk settings from Allez Labs.

Why it moved

$BP traded at $1.053 at 3:41 p.m. ET, up 6.6% in 24 hours, per CoinGecko. Jupiter’s price was within 0.2% of that.

Its 24-hour range ran from $0.97 to $1.07 (CoinGecko, 3:45 p.m. ET). Neither company tied the token’s move to the news, so the cause is not confirmed.

Who’s buying and selling

On the largest $BP pool, BP/USDC on Meteora, sellers made 1,303 trades and buyers 1,047 over 24 hours, per DexScreener. GeckoTerminal showed nearly the same split. The pool held about $6.7 million in liquidity.

What to watch next

Backpack has not said when Korean stocks go live or which ones come first. On Kamino, the test is whether deposits build: SolanaFloor says Kamino’s older xStocks market holds over $29 million in supplied assets.

Bottom line: Backpack Exchange is pushing deeper into traditional markets, and its token rose 6.6% on the day the Korea deal was announced.