Backpack: a self-custody wallet with an exchange next door

01 · OverviewWhat Backpack is today

Backpack describes itself as an all-in-one crypto app. Under one brand it offers a self-custodial wallet and Backpack Exchange, a centralized exchange with spot, futures and lending.

For someone who wants to use Meteora, the wallet is the relevant part. It holds your Solana keys on your device, connects to dApps through the Solana Wallet Standard, and appears in Meteora's list of supported wallets. It runs on iOS, Android and as a Chrome extension.

What makes Backpack different from Phantom or Solflare is the company around it. The same team runs a regulated exchange business, owns one of Solana's best-known NFT collections, and has a history of building developer tooling on Solana. That mix explains both its strengths and the one point of confusion new users run into: which of their balances is actually self-custodied.

02 · CustodyThe wallet and the exchange are not the same thing

This is the most important thing to understand about Backpack. The app brand covers two products with opposite custody models.

In practice, the two can work together. You might buy SOL on an exchange, withdraw it to your self-custodial wallet on the Solana network, and then provide liquidity on Meteora. The key step is that withdrawal: tokens on the exchange cannot be used in a Meteora pool until they are in your wallet. If you are comparing exchanges for that first step, our guide to choosing an exchange for SOL lists what to check, independent of any brand.

03 · HistoryFrom xNFTs to Mad Lads

Backpack was built by Coral, the team led by Armani Ferrante. Before the wallet became a mainstream product, Coral developed the xNFT framework: "executable NFTs", small applications packaged as NFTs that ran inside the wallet. The idea was that a wallet could be an app platform, not just a key store.

In April 2023 the team launched the Mad Lads NFT collection, which became one of the most recognizable collections on Solana and closely tied to the Backpack brand. Over time the product's focus shifted: today Backpack presents itself around the wallet and the exchange rather than around xNFTs.

1. xNFT framework

   Coral's executable-NFT concept: apps that live inside the wallet.

2. Mad Lads

   NFT collection launched in April 2023 by the same team.

3. Wallet plus exchange

   Backpack becomes an all-in-one app with a self-custodial wallet and Backpack Exchange.

4. Europe

   Backpack acquires FTX EU and launches Backpack EU (details below).

The xNFT idea is still worth understanding, because it shaped how Backpack thinks about wallets. Most wallets treat dApps as external websites that ask for signatures. xNFTs tried to bring the app inside the wallet itself. Today the mainstream pattern on Solana is the opposite: you visit a site such as meteora.ag and the wallet acts as a signer. That is how Backpack works with Meteora too.

For a Meteora user, the history mostly matters as context. It tells you the team has deep Solana roots, which is why the Solana side of the wallet is mature, and it explains why you may still see xNFT references in older guides.

04 · CoverageChains, platforms and hardware

Backpack is multi-chain. Its support page lists the networks below and says more are planned. Marketing pages mention further chains, so treat the list as a minimum and check the app for the current set.

Because each network is a separate wallet inside the app, your Solana address and your Ethereum address are different. When you withdraw SOL from any exchange, copy the address from the Solana wallet and choose the Solana network on the withdrawal screen. Sending SOL to an EVM address is one of the most common and least reversible mistakes in multi-chain wallets.

05 · EuropeThe FTX EU acquisition, in facts

In January 2025 Backpack acquired FTX EU, the European arm of the collapsed FTX group. The deal was reported at $32.7M.

FTX EU held licensing from Cyprus's securities regulator, CySEC, under the EU's MiFID II framework. Backpack used that base to launch Backpack EU. As part of the process, Backpack says it returned funds to former FTX EU clients, roughly 110,000 people by its own count.

What does this mean for the wallet? Directly, very little. Licensing applies to the exchange business, not to your self-custodial wallet, which works the same regardless of where you live. Indirectly, it shows a company investing in regulated infrastructure, which some users weigh when they choose a brand. As always, a licence is not a guarantee: it describes the rules a company operates under, not a promise that nothing can go wrong.

06 · SetupSetting up Backpack, step by step

1. Install from an official source

   Go to backpack.app and follow the links to the App Store, Google Play or the Chrome Web Store. Verify the publisher before installing.

2. Create a Solana wallet

   Create a new wallet and choose Solana. You can add other networks later, each as its own wallet.

3. Back up the recovery phrase

   Write the words in order, offline. Backpack's support pages cover viewing your recovery phrase and what to do if a wallet may be compromised; read them before you need them.

4. Optional: import a hardware wallet

   Update the device firmware and install its Solana app. In Backpack open the main menu, choose Add Account, then Import Wallet, select the hardware option, approve on the device and pick the address to import.

5. Fund with a small test

   Copy the Solana address and send a small amount of SOL on the Solana network. Confirm it arrives, then send the rest. Meteora advises keeping at least 0.05 SOL in the wallet.

07 · MeteoraUsing Backpack with Meteora

Meteora supports Backpack through the Solana Wallet Standard. Open meteora.ag from a bookmark, click Connect Wallet, choose Backpack and approve with your Solana wallet. If you imported a hardware account, each signature will prompt the device.

Then set up the details that matter for LPs:

• Check transaction settings. Meteora lets you choose a priorityPriority feeAn optional extra fee paid to validators for faster inclusion, set as compute-unit price times compute-unit limit. level (Fast, Turbo or Ultra), cap or fix the fee, and pick a broadcast mode. DLMM transactions always use Jito.
• Budget SOL for rent. A DLMM position locks about 0.059 SOL of refundable rent. The first LP in a new price range also pays about 0.075 SOL of non-refundable binArray rent.
• Read every preview. On an add-liquidity transaction, your two tokens should leave and a little SOL should be spent. A "claim" that sends tokens out is a red flag.
• Keep exchange and wallet separate in your head. Positions on Meteora belong to your wallet keys. Nothing on the exchange side can see or manage them.

One practical workflow ties the two halves of Backpack together without blurring them. Buy or hold SOL on whichever exchange you use, withdraw to the Backpack Solana wallet, confirm the deposit, and only then open meteora.ag. When you close a position and want to cash out, reverse the path: withdraw liquidity to the wallet, then send to the exchange deposit address on the Solana network. Each hop is a separate transaction you can check on a block explorer.

Backpack is a good fit if you want a Solana wallet that also covers EVM networks and you value having hardware options across Ledger, Trezor and Keystone. If you prefer a focused, Solana-only app, compare it with Solflare on our Solana wallet comparison. Whichever you choose, the safety habits are the same: official downloads, offline backups, bookmarks, and careful reading before you sign.