In a significant development, popular wallet and exchange platform, Backpack, has announced a strategic partnership with Sui, a highly scalable and speedy Layer 1 blockchain network. This integration aims to enhance asset utility and user experience for a global user base. Since its inception a year ago, Backpack, which caters to users in over 150 countries, has processed over $60 billion in trading volume.
This collaboration will enable Sui projects to reach a broader user base via Backpack’s trading platform and wallet services. Users on both platforms stand to benefit from improved experiences, with Sui users gaining access to Backpack’s user-friendly wallet solutions, which support popular cryptocurrencies such as Solana and Ethereum. Available on iOS, Android, and as a Chrome browser extension, Backpack’s wallet offers secure storage and straightforward trading options.
Jameel Khalfan, the Global Head of Ecosystem at the Sui Foundation, underscored the significance of this partnership. He noted that Backpack’s regulated exchange and non-custodial wallet align well with Sui’s potential to cater to developers, users, and enthusiasts.
The integration represents a pivotal step for both platforms in their quest to enhance their presence in the multichain environment. For Sui, partnering with Backpack presents a new model that simplifies trading and asset management. The collaboration bolsters Sui’s network layer, facilitating more efficient connections between participants.
Armani Ferrante, CEO and Founder of Backpack, elaborated on the potential benefits of the partnership for users and developers. With Sui’s ever-expanding ecosystem, new opportunities are on the horizon for projects, traders, and developers. Backpack’s participation is anticipated to attract millions of Sui users, thereby amplifying its multichain strategy.
As it integrates Sui, Backpack expands its service bouquet, focusing on one of the fastest-growing blockchain environments. Sui developers and projects stand to benefit from Backpack’s robust blockchain service access and secure infrastructure.
In a related development, Phantom Wallet, initially launched for the Solana ecosystem, has extended support to Sui. This move attests to Sui’s market expansion, with its value soaring over 100% in the last month, taking its market cap to $10.8 billion. Sui currently ranks eighth in terms of total value locked (TVL) among blockchain networks, with $1.5 billion.
Phantom’s CEO, Brandon Millman, highlighted the project’s scalable and developer-centric approach. The inclusion of wallet integration in both mobile and browser versions of Sui is expected to enrich the feature set available to Sui users and attract new participants. This integration dovetails with Sui’s objective of offering scalable solutions for blockchain consumers and developers.
