Backpack browser wallet: what it does and how it works

Backpack is a self-custody wallet that started on Solana and now supports 14 networks under one seed phrase. Its unusual feature is a direct link to the Backpack exchange, made by the same company.

Who makes it

Armani Ferrante and Tristan Yver founded the company, first known as Coral, in September 2022. Its code is published on GitHub. The Backpack exchange opened in beta in November 2023.

What you can do with it

Hold crypto on 14 networks. Solana is the main one. Others include Ethereum, Bitcoin, Sui, Monad, Polygon, Base and Arc.

Move between wallet and exchange. The wallet and the exchange share one account. Moving funds between your self-custody wallet and the exchange's order book is an internal transfer rather than a normal deposit and withdrawal. Remember that while coins sit on the exchange, the exchange holds them (Lesson 24).

Swap and stake. It has a swap aggregator and native staking for some tokens.

Manage NFTs. You can view and manage NFTs, and lock NFTs so they cannot be moved by accident.

Stay protected. Backpack offers real-time scam protection and manages token approvals.

Use a hardware wallet. It supports hardware wallets; the sources do not list which devices.

What it is less good at

The extension is listed for Chrome. The close link to the exchange is convenient but blurs the line between self-custody and exchange custody, which matters if the exchange ever has problems. The sources do not give its wallet fees.

Is it safe?

The wallet itself is self-custody: you hold the seed phrase. Funds you move to the exchange side are held by the exchange. Install it only through backpack.app.

Who it suits

Solana users who also trade on the Backpack exchange and want both in one place.

Setting it up safely

1. Install from the source. Go to backpack.app yourself, by typing the address, and follow its link to your browser's extension store. Do not use search ads or links from messages. On the store page, check the publisher name and the number of users.
2. Write the seed phrase on paper. Backpack shows it once when you create a wallet. Write every word in order and keep it offline. Lesson 30 shows how, and our free backup card helps.
3. Never type the phrase anywhere else. No genuine site, support agent or app update will ask for it.
4. Start small. Send a small amount first and check it arrives before moving more.
5. Review connections. From time to time, remove app connections and token approvals you no longer use.

How it compares

Compared with Phantom, Backpack covers a similar range of networks from a Solana base, and adds the direct link to its own exchange. Phantom is more widely supported by Solana apps. Compared with Solflare, Backpack covers more networks but says less about its hardware support.