Coral, a key player in developing Solana technologies, has raised a substantial $20 million investment with FTX and Jump Crypto steering the funding round.
In Brief
Coral intends to utilize the recently acquired $20 million to further enhance its interactive wallet known as Backpack.
This funding round was prominently led by FTX Ventures alongside Jump Crypto.
Backpack serves as the operating system specifically designed for developing xNFTs, which are essentially executable codes for Web3 applications.
Coral, recognized for crafting the Solana development framework known as Anchor along with its work on xNFTs, has successfully concluded a $20 million funding round spearheaded by FTX Ventures and Jump Crypto. FTX Ventures and Jump Crypto.
The acquired funds will advance the development of Backpack, which acts as an interactive wallet tailored for executable NFTs, referred to as xNFTs. These xNFTs offer seamless access to various applications, games, and digital assets across multiple blockchain networks. explained Coral also emphasizes that xNFTs play a protective role in blockchain systems, noting that they tend to be more controlled and secure, bearing more resemblance to traditional Web2 applications than the decentralized nature of Web3.
The launch of Backpack is anticipated later this month, and a portion of the funding will also be allocated towards expanding the team with new talent.
Coral is set to unveil Backpack in private beta, alongside open-sourcing the project's code. Members of the Backpack Discord community will receive priority access, while others can sign up to participate in the beta. on the official website Around ten prominent projects within the Solana ecosystem are already integrating Backpack’s xNFT technology, including major players like NFT marketplace Magic Eden, DeFi protocol Solend, cross-chain bridge Wormhole, and development framework Anchor.
Additional investors in this funding round included Anagram, Frictionless, Multicoin Capital, K5 Global, and other strategically relevant contributors.
Armani Ferrante, the founder of Coral, stated, “xNFTs streamline the cryptocurrency experience, reducing the number of steps needed and empowering projects to create tailored experiences for their user communities.” Coral aims to establish Backpack as the primary access point to the Solana ecosystem. said Anatoly Yakovenko, co-founder of Solana Labs, shared his excitement, saying, “I’m eager for Backpack to elevate the application layer, enabling developers to create seamless native applications that diminish the barriers and complications often encountered in today’s crypto user experiences.”
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