Backpack: The lending feature is now officially available to Japanese users.

Backpack announced on its X platform that its lending feature is now officially available to Japanese users and supports Backpack Points rewards. Users can use assets such as BTC, ETH, SOL, XRP, and USDC as collateral to lend or borrow without selling their assets. The lending feature allows users to deposit crypto assets to earn floating returns; the borrowing feature allows users to borrow assets such as USDC using crypto assets as collateral. Backpack cautions that borrowing carries liquidation risk and currently only offers lending services, excluding spot and perpetual contracts. Furthermore, Japanese residents can now participate in the previously unavailable Backpack Points program.