Backpack Adds Micron and SanDisk Shares as Margin Collateral

Backpack has announced that users can now use shares of Micron (MU) and SanDisk (SNDK) as collateral within its portfolio-margin account, which integrates stocks, cryptocurrencies, and other instruments. This development signifies an expansion of equities' role on the platform beyond traditional buying and selling, allowing for more flexible collateral management. The platform also introduced 24/7 perpetual futures trading on MU, SNDK, SPY, and QQQ, providing continuous trading options for these assets. However, the company did not specify the key collateral and liquidation terms associated with these futures contracts, leaving some details unclear. This move reflects ongoing efforts to enhance the versatility and integration of traditional assets within crypto trading environments, potentially offering users more diversified collateral options and trading strategies.