What Is Backpack Wallet? The Self-Custodial Crypto Wallet From Backpack

Backpack Wallet is a self-custodial crypto wallet that began on Solana and now supports Ethereum and several Ethereum layer-2 networks ²³. It runs as a browser extension and as iOS and Android apps ⁴. You hold the recovery phrase and Backpack cannot recover it for you ⁵. The same company runs Backpack Exchange, a centralized, licensed exchange, and in March 2026 launched the $BP token, which is tied to an unusual token-for-equity program ⁸¹⁰. Armani Ferrante, who created Solana's Anchor developer framework, founded Backpack in 2022 ¹².

Facts checked October 23, 2026 13 cited sources No score on this page, no affiliate links

Backpack rating and evidence Best crypto wallets ranking backpack.exchange

Founded2022Software wallet Official sitebackpack.exchangeopens in a new tab Incidents20 with recovery confirmed In our ratingsCrypto walletsopen the scorecard

At a glance

What it is: Self-custodial multi-chain crypto wallet; sister product of Backpack Exchange ²¹⁰
Founded: 2022, by Armani Ferrante; co-founder Tristan Yver ¹²
Wallet terms issued by: Backpack Technologies Ltd (BVI law) ⁵
Networks: Solana, Ethereum, Optimism, Arbitrum, Polygon, Base, Sonic ³
Platforms: Chrome, Brave and Edge extensions; iOS; Android ⁴
Swap fee: Flat 0.85%, included in the quoted rate ⁵
Hardware wallets: Ledger, Trezor, Keystone ²
Token: $BP, TGE March 23, 2026 ⁸
Official sites: backpack.app (wallet), backpack.exchange (exchange) ¹
Profile updated: October 23, 2026

What Backpack Wallet does

Backpack Wallet stores keys on your device and lets you sign transactions on the networks it supports ²³. Core functions ²⁶:

Send, receive and swap tokens inside the app.
Stake SOL with a validator from the wallet.
Bridge assets between supported networks.
Buy and sell crypto through MoonPay, a third-party on-ramp with its own KYC and fees.
NFTs: view and trade them. For select collections, a lock feature makes the wallet reject any transaction involving a locked NFT.
Multi-accounts, custom RPCs and developer testnets for power users and builders.

Supported networks, as of October 23, 2026, are Solana, Ethereum, Optimism, Arbitrum, Polygon, Base and Sonic, with more planned ³. Networks such as Monad, Sui or X1 are not on that list.

Fees

The wallet itself is free to download. Costs come from:

Action	Cost
Sending tokens	Network fee only (e.g. Solana priority fee or Ethereum gas)
Swapping in the wallet	Flat 0.85% Backpack fee, built into the quoted rate, plus any third-party DEX fees ⁵
Buying/selling via MoonPay	MoonPay's fees and spread
Staking SOL	Validator commission (set by the validator)

Backpack's terms say fees are estimates and can change at any time ⁵. If you swap often, compare the quoted rate with doing the same trade directly on a DEX.

Security model and recovery

Backpack is self-custodial: the company does not hold your keys. The flip side is in its terms. Backpack Technologies "cannot, and will not, restore or recover" your access credentials ⁵. If you lose the recovery phrase, nobody can restore the wallet.

Security options include:

Hardware wallets. Connect a Ledger, Trezor or Keystone so keys never touch the computer ².
Multisig wallets that need several approvals for a transaction ².
NFT locking for supported collections ².

If a wallet is compromised, Backpack says it cannot reverse transactions, freeze accounts or recover assets. It advises moving unaffected funds to a newly created wallet ⁷. Backpack Support says it will never ask for your recovery phrase, private key or password ⁷. Anyone who does is a scammer.

Backpack Exchange and the company

Backpack began as a wallet company and added a centralized exchange ¹². The exchange is operated by Trek Labs entities:

Dubai: Trek Labs Ltd FZE holds a VARA Exchange Services License (VL/23/07/001) for spot trading only. Futures and margin are not offered in the UAE ¹⁰.
United States: the US entity is Trek Labs, Inc. ¹¹.
EU: In January 2025, Backpack acquired FTX EU, the former European arm of FTX, with approval from the FTX bankruptcy court and Cyprus regulator CySEC. Part of the plan was to pay out FTX EU customers' court-approved claims ¹².

The wallet and the exchange are separate products with separate terms. Funds in Backpack Wallet are self-custodied; funds on Backpack Exchange are held by the exchange.

Backpack's early history is tied to FTX. Ferrante and Yver had worked at Alameda and FTX. The company reportedly lost $14.5 million, 88% of its operating funds, when FTX collapsed in November 2022 ¹².

The $BP token

$BP is Backpack's token. Its generation event (TGE) took place on March 23, 2026 ⁸. Users gain "BP status" by staking $BP and staying active on the platform each month ⁸. In February 2026, Backpack announced that stakers can exchange tokens for company equity at a fixed ratio. Ferrante described the pool as 20% of the company, available after a minimum one-year stake, as Backpack pursues a potential US IPO ⁹. The equity election covers both Backpack Wallet and Backpack Exchange entities ⁸.

The terms of a token-for-equity exchange depend on corporate and securities law and may change. Read the program rules directly before relying on them.

Risks to understand

No recovery. Losing the recovery phrase means losing the wallet ⁵.
Phishing and drainer sites. Signing a malicious transaction can empty a wallet; Backpack cannot reverse it ⁷.
Swap cost. The 0.85% fee is embedded in quotes and easy to miss ⁵.
Entity clarity. The wallet terms name Backpack Technologies Ltd ⁵, while the BP program FAQ names Blue Coral Inc. for the wallet ⁸. Check the current terms for the entity you contract with.
Exchange vs wallet. Moving funds to Backpack Exchange changes the custody model.