Coral, a Web3 company focused on the Solana blockchain, has raised $20M in a fundraising round led by the investment arms of FTX and Jump Crypto. The fund is geared towards the ongoing development of Backpack, a wallet for executable non-fungible tokens (xNFTs).
xNFTs grant users the right to execute multiple applications - trading, staking, farming, etc. - from one place, through the execution of a tokenized computer code, users can have full control of their entire onboarding experience.
Armani Ferrante, founder of Coral describes Backpack as a tool for further decentralization of the Crypto experience. According to him, “Backpack serves as the native system, analogous to the iPhone, that allows people to use and interact with all of these applications in a native and secure way.”
Ahead of its private beta launch on September 26, several projects on Solana are already building projects using Backpack’s xNFT technology, including NFT marketplace Magic Eden, cross-chain bridge Wormhole, and several others.
Jump Crypto and FTX Ventures have participated in over 85 different fundraising rounds this year and they seem to still have taste for some more as the bear market enters grey days.