Solana tech developer Coral raises $20 million in a round led by FTX and Jump Crypto
In Brief
Coral raises $20 million to continue developing its interactive wallet Backpack.
The round was led by FTX Ventures and Jump Crypto.
Backpack is used as the operating system for building xNFTs (an executable code of Web3 apps).
Solana ecosystem developer Coral, known for creating the Solana development framework Anchor and xNFTs, has closed $20 million in a strategic round led by FTX Ventures and Jump Crypto.
The funds will be used to continue developing its first flagship product, Backpack, the interactive wallet for executable NFTs—xNFTs. The xNFT offers a portal to apps, games, or assets built on multiple blockchains. Coral explained that xNFTs also guard blockchain ecosystems; “they’re permissioned, closed, and closer to Web2 than they are to Web3.”
Backpack launches later this month. In addition, the capital will also go towards recruiting new team members.
Coral launches Backpack into private beta and open-sources the project’s code. Backpack Discord channel members get priority access, and other users can register for the beta on the official website. Around ten leading projects on Solana are already using Backpack’s xNFT technology, including NFT marketplace Magic Eden, DeFi protocol Solend, cross-chain bridge Wormhole, and the framework Anchor.
Other participants in the round included Anagram, Frictionless Multicoin Capital, K5 Global, and other strategic investors.
Armani Ferrante, the founder of Coral, said: “xNFTs make the crypto experience smoother, require less steps, and give projects the power to create more customized experiences for their communities.” Coral strives to make “Backpack the default portal to the Solana ecosystem.”
“I’m looking forward to Backpack bringing the application layer to the forefront, by allowing engineers to build native applications that reduce the barrier to entry and the friction of discovery that we see in crypto’s user experiences today,”
Anatoly Yakovenko, the co-founder of Solana Labs, commented in a press release.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
