Backpack Exchange integrates Sui to boost scalability and multichain functionality

• Backpack Exchange records $60B trading volume, now integrates Sui for multichain growth.
• Sui gains Backpack wallet support, enabling secure storage and seamless asset management.
• Sui ranks 8th in TVL at $1.5B as integrations with Backpack and Phantom boost adoption.

Backpack, a popular wallet and exchange platform, has partnered with Sui, a Layer 1 with esteemed scalability and speed. This integration will enhance the utility and ease of assets for users worldwide. Backpack, a trading platform that targets users in over 150 countries, has conducted over $60 billion in trading volume since its launch a year ago.

This collaboration helps Sui projects reach users through the trading and wallets Backpack provides. The merging is expected to improve the users‘ overall experience on both platforms. Sui users will also gain access to Backpack’s simple wallet solutions, which integrate with popular coins such as Solana and Ethereum. Backpacks wallet is available for iOS and Android and as a Chrome browser extension. It provides secure storage and simple trading options.

Jameel Khalfan, the Global Head of Ecosystem at the Sui Foundation, highlighted the importance of this partnership, mentioning that Backpack‘s regulated exchange and non-custodial wallet will provide the best levels of experience that align with Sui’s potential for developers, users, and enthusiasts.

Backpack and Sui Aim for Multichain Future

This integration is one of the most important directions for both systems to progress further in the multichain environment. For Sui, association with Backpack introduces a new model that simplifies trading and asset management. The collaboration enhances Suis network layer, allowing efficient connections between participants.

#Backpack ???? #SuiNetwork

This partnership is a big opportunity for $SUI to grow its user base and community!

More #Solana projects adding support for #Sui ✊

— CryptoBullet (@CryptoBullet1) December 11, 2024

Armani Ferrante, CEO and Founder of Backpack outlined the benefits of this partnership for users and developers. Sui‘s constantly expanding ecosystem offers new prospects for projects, traders, and developers. Backpack’s participation is expected to gain millions of Sui users and boost its multichain strategy.

While integrating Sui, Backpack expands its services, focusing on one of the fastest-growing blockchain environments. Sui developers and projects will benefit from Backpacks for reliable blockchain service access and a secure infrastructure.

Phantom Wallet Joins Sui Ecosystem

Additionally, Phantom Wallet, initially launched for the Solana ecosystem, has expanded to support Sui. This development shows Suis market expansion. Its value has risen more than 100% in the last month and is now at a $10.8 billion market cap. Sui also occupies eighth place in the total value locked (TVL) among blockchain networks, with $1.5 billion.

According to Phantom‘s CEO, Brandon Millman, the project has a scalable and developer oriented approach. Both mobile and browser versions of Sui include the wallet integration which is expected to increase the number of features for Sui audiences and attract new participants. This integration aligns well with Sui’s goal of providing fixed and scalable solutions for blockchain consumers and developers.