What is Backpack? Blockchain wallet has just launched CEX Backpack Exchange

Backpack is a blockchain wallet built to support users in storing and minting xNFT (Executable NFT) on the Solana blockchain. In addition, Backpack just launched a CEX called Backpack Exchange in February 2024 and had more than 1 billion USD in trading volume in the first 5 days. Let's learn about Backpack through the article below!

What is Backpack? Blockchain wallet has just launched CEX Backpack Exchange

What is Backpack?

Backpack is a blockchain wallet built to support users in storing and minting xNFT (Executable NFT) on the Solana blockchain. Besides, Backpack wallet also has other support features such as: storing, sending, receiving tokens/NFT, messaging with friends, connecting to cold and buying crypto assets with fiat (fiat currency).

Not only stopping at blockchain wallet products, Backpack has just launched a CEX called Backpack Exchange in February 2024 after receiving a license from Dubai's Virtual Assets Authority (VARA) in October 2023. Backpack Exchange is also attracting attention from the community when it launches a "Point reward" mechanism based on user transaction volume with speculation that it will airdrop to users soon. Thanks to this mechanism, Backpack Exchange recorded a total trading volume exceeding 1 billion USD in the first 5 days.

Backpack wallet products

Backpack Wallet
This is one of Backpack's two main products with the following features:

Store, send, receive tokens/NFTs: Users can store or perform operations of sending and receiving tokens/NFTs on two main blockchains, Solana and Ethereum.

Swap tokens: Users can swap tokens supported from the Solana and Ethereum blockchains easily and quickly.

Mint NFT: Users can mint NFT on Backpack wallet without going through any NFT Marketplace or Launchpad browser.

Backpack Messages: Users can create their own community to message and exchange directly through the Backpack Messages feature.

xNFT Library: This is an application library that allows users to download and use NFT Dapps or mints built on the Solana blockchain. The transaction fee to download Dapp or mint NFT on Backpack wallet is 0.000005 SOL (0.0001 USD).

From here, we can see the outstanding features of the Backpack wallet as follows:

Backpack Wallet supports users to transfer, receive, and swap tokens/NFTs on multiple blockchains (Multichain). However, currently Backpack wallet only supports two blockchains, Solana and Ethereum.

Users can mint NFTs directly on the Backpack wallet without going through any NFT Marketplace or Launchpad browser.

Support for users to text and exchange with friends and the community through the Backpack Messages feature.

Users can download and use Dapp or mint NFTs built on the Solana blockchain via xNFT Library with a transaction fee of 0.000005 SOL (0.0001 USD). You can refer to Dapps or NFT collections here.

CEX Backpack Exchange

Backpack Exchange is a CEX exchange and is also the newest product recently launched by Backpack in February 2024. Users can participate in Backpack Exchange by registering an account at https://backpack.exchange/ with email and KYC to start trading.
Backpack Exchange features include:
Asset: This is a summary of the types of coins/tokens that Backpack Exchange is supporting for trading. Some prominent tokens include SOL, JUP, PYTH, JTO,...
Types of tokens are supported for trading by Backpack Exchange
Trade: This is where users can trade the tokens listed above. Currently, Backpack Exchange is only supporting spot trading with 2 types of orders: Limit and Market. Additionally, users will pay a 0.1% trading fee and trading pairs are tied to USDC.
Trade interface of Backpack Exchange
Drop: This is where transaction events specific to Backpack Exchange will be updated such as Refer and Earn (invite friends to trade), Trade and Earn,...
Backpack Exchange's Drop feature interface
Currently, Backpack Exchange is operating in the Middle East, Asia and in 11 states in the US after receiving a license from Dubai's Virtual Assets Authority (VARA). In addition, Backpack Exchange is also drawing attention to the community when it launches a "Point reward" mechanism based on users' transaction volume.
With rumors that Backpack Exchange will airdrop to early users from the community, this exchange has recorded impressive trading volume exceeding 1 billion USD in the first 5 days. Besides, Backpack Exchange has now recorded more than 6.5 billion USD in trading volume in February 2024 alone.
Basic information about tokens
Currently, Backpack has no official information about issuing tokens for their wallet and CEX products. We will update as soon as we have the latest information from the project.

Development team

Backpack was founded by crypto infrastructure company Coral - the unit behind the success of the Mad Lads NFT collection. Founder of Backpack is Mr. Armani Ferrante - a former engineer at Alameda Research and raised $20 million for the Coral company in 2022.

Investors

Backpack has successfully raised 37 million USD from the following 2 funding rounds:
·      Strategic round: Backpack successfully raised 20 million USD in September 2022 from investment funds such as: Jump Crypto, Multicoin Capital,...
·      Series A: Backpack successfully raised 17 million USD in February 2024, raising the company's valuation to 120 million USD from investment funds such as: Placeholder, Amber Group, Wintermute,... This money will be used by Backpack to serve the expansion strategy for Backpack Exchange in the near future.

Partner

Backpack is currently cooperating with many quality projects on the Solana ecosystem such as Wormhole, Tensor, Zeta Markets, Banxa,...

Instructions for installing Backpack wallet on Chrome Extension

- Step 1: Access the following link "backpack.app/download".
- Step 2: Select "Add to Chrome" then select "Add extension".
Add Backpack wallet to Chrome extension
- Step 3: Click “Create Account” to create a new wallet and you will set a username for yourself.
Click Create Account to create a new account
Set username for Backpack wallet
- Step 4: Click “Create a new wallet” and the interface will display your 12-character seed phrase. You need to store the 12 characters very carefully if you do not want to suffer unnecessary property loss. Then, tick the box “I saved my secret recovery phrase” and click “Next”.
 Click “Create a new wallet” to receive the 12-character Seed phrase
The 12-character seed phrase interface appears and you need to store it carefully if you do not want to lose your assets
- Step 5: You choose the networks to use with Backpack wallet, chooses both blockchains, Solana and Ethereum.
Select the network to use with the Backpack wallet
- Step 6: Enter a password with at least 8 characters to log in to Backpack wallet. Then, tick the box “I agree to the terms of service” and click “Next”.
Enter your password to log in to your Backpack wallet.
- Step 7: If you want to receive notifications, click Allow or turn off notifications, click Disable.
Enable or disable Backpack wallet notifications
- Step 8: After setup is complete, users can use the Backpack wallet to store or transact tokens/NFTs. You can refer to some Dapps or NFT collections with Backpack wallets on xNFT Library.

Backpack wallet interface after setup is complete

summary

Backpack Wallet is a cryptocurrency wallet built to help users store and mint xNFT (Executable NFT) on the Solana blockchain. In addition, Backpack has just launched a CEX called Backpack Exchange in February 2024 and is having a "Point reward" program based on users' trading volume for airdrop opportunities.

Through this article, you probably have some basic information about Backpack wallet and Backpack Exchange.