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).

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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 Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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