Backpack: A Guide to the Solana wallet and Exchange
Learn all about Backpack, the crypto wallet and exchange app that’s taking the community by storm.
By Team MoonPay
The crypto world is constantly evolving, and Backpack is at the forefront of that transformation. Combining the power of a self-custodial wallet (Backpack Wallet) with a crypto exchange (Backpack Exchange) licensed as a Virtual Asset Service Provider by the Dubai Virtual Asset Regulatory Authority, Backpack is working to make web3 more secure, user-friendly, and compliant.
Gone are the days of choosing between DeFi control and CeFi convenience; Backpack offers both.
Whether you're a seasoned trader or just starting your journey, this guide will walk you through everything you need to know about Backpack, including its features, security, and why it’s gaining traction as the future of crypto finance.
What is Backpack?
Backpack is a next-generation crypto platform that seamlessly integrates a self-custodial wallet and a fully licensed centralized exchange onto one app. Designed with both security and usability in mind, Backpack provides:
- Users with full control over private keys (Backpack Wallet)
- A regulated trading platform (Backpack Exchange)
This hybrid approach removes the friction between DeFi and CeFi, offering a secure, streamlined, and feature-rich experience for traders and investors alike.
A Brief History of Backpack
Backpack was created to solve key pain points in crypto security, usability, and accessibility. But what started as a Solana-focused wallet quickly evolved into a multi-chain powerhouse, swiftly becoming a popular wallet among Solana developers.
Today, Backpack Wallet supports Ethereum, Layer-2 solutions, and emerging blockchain networks such as Monad, positioning itself as a leading Solana wallet and key player in the broader web3 ecosystem.
After the successful launch of its NFT collection, Mad Lads, the team saw an opportunity to bridge the gap between decentralized wallets and centralized exchanges (CEXs). That’s when Backpack Exchange was launched.
At its core, Backpack Exchange is built on Solana’s high-speed and low-cost infrastructure, making transactions fast and affordable. This comes as a welcome alternative to traditional exchanges that rely on slower, more expensive blockchains. This is all while supporting a variety of trading pairs across chains.
Why crypto wallets are broken, and how Backpack wants to fix them
Many crypto wallets suffer from major flaws:
- Complexity – Steep learning curves make DeFi intimidating for new users.
- Security risks – Many wallets lack robust protection against hacks and phishing attacks.
- Hidden fees – Some wallets charge excessive fees or impose restrictions that defeat the purpose of decentralization.
Backpack aims to solve these issues by offering an intuitive interface that’s easy for beginners but powerful for pros. This leading Solana wallet provides self-custody for total asset control, offers native cross-chain swaps, ensures low fees and high-speed transactions through Solana’s scalability, and seamlessly integrates DeFi tools and dApps.
Traditional wallets can be risky—lost keys often mean lost funds. Backpack mitigates this with:
- Multi-signature signing for advanced users
- NFT locking
- Native dApp integration, eliminating the need for third-party connections
Security First: Raising the Bar for Safe Trading
Security is a top priority for Backpack, reflected in its robust approach to protecting users' assets. As a self-custodial wallet, it ensures that you own your private keys, minimizing risks associated with exchange accounts.
Advanced encryption and industry-standard security measures safeguard funds from potential threats. Backpack also offers multi-signature support across industry leading hardware providers and advanced account recovery features, ensuring both security and accessibility. Additionally, NFT locking provides an extra layer of asset protection, preventing unauthorized transfers and enhancing control over your valuable assets.
Key features of Backpack Exchange
Backpack isn’t just another exchange—it’s redefining crypto trading with:
1. Capital Efficiency
Backpack is the only exchange where collateral and realized trading profits earn yield automatically.
On most platforms, traders have to choose to lend their assets for passive yield or use them as margin to trade.
Backpack lets traders do both, at the same time. Lent assets double as collateral, and realized profits are automatically credited and lent out. It’s true cross-margin trading with no capital limits.
2. Best-in-class UX
With Backpack there is one cross-margined account for everything, easy sub-account creation and management to isolate risk as desired, and a fast, low-click trading experience.
3. Transparency and Compliance
Backpack is rapidly expanding into regulated markets worldwide, including:
- UAE – Received approval from Virtual Assets Regulatory Authority (VARA).
- Japan – A Type 2 member of the Japan Virtual Currency Exchange Association (JVCEA), preparing to launch in one of the most strictly regulated crypto markets.
This regulatory approach aims to ensure trust, security, and accessibility for users worldwide.
The importance of licensing & compliance
With a focus on compliance, Backpack Exchange offers a more structured alternative for institutions and everyday traders. Regulatory oversight enhances security by providing users with legal protections, while compliance assurances attract institutional investors who require a regulated environment.
The future of Backpack & crypto finance
Backpack is more than just a wallet or an exchange. It’s a crypto-native financial platform with ambitions to rival traditional banking.
Backpack is at the forefront of crypto’s move toward mainstream adoption, providing a viable alternative to traditional financial institutions. With integrations across multiple chains, it aims to become the go-to platform for web3 finance.
How to create a Backpack account
Getting started with Backpack Wallet is quick and easy:
- Download Backpack on iOS / Android, or add the browser extension.
- Create or import a new wallet and safely store your private keys.
For Backpack Exchange:
- Download Backpack on iOS / Android, or add the browser extension.
- Sign Up with your email or mobile number.
- Verify Your Identity (KYC required for full access to the exchange).
- Start Trading – Deposit funds and explore Backpack’s trading tools.
For a full walkthrough, visit Backpack’s tutorial page.
The MoonPay x Backpack partnership
In May 2025, MoonPay became the exclusive ramp for Backpack Wallet and an added ramp for Backpack Exchange.
Ramps are payment systems that simplify buying and selling crypto. Think of them like ramps to a highway, allowing you to smoothly enter and exit the crypto ecosystem.
What this means for you
With MoonPay’s ramps fully integrated, you can easily buy and sell crypto using most major payment methods, including debit and credit cards, Apple Pay, Google Pay, Venmo, and PayPal.
Our shared vision
Together, MoonPay and Backpack are enhancing accessibility and adoption for millions of users. Our goal is to break down barriers to crypto adoption, making it easier for everyone to get started in the digital economy.
