Solana-Based Coral raises $20 M led by FTX, Jump Crypto And More To Build A Web3 “Iphone”

Well maybe something like it

Coral is about Developers

Developers are very important when building in web3 of course. Ecosystems, Applications, Games all depend on having a proper team of developers that are looking to create something amazing.

The Coral team has been very crucial to the development of dev tools for use on the Solana Blockchain. Anchor, which can be compared to Ruby on Rails in the web 2.0 world,  was created by Coral as was Backpack and the xNFT which will be discussed shortly.

Funding Secured 

Recently the company has announced a successful funding round and raising $20 million in a strategic round that was led by FTX Ventures and Jump Crypto joined by Multicoin Capital, Anagram, K5 Global and some VCs. The funding will be used to launch a product called Backpack. 

Read More: Explaining xNFTs And Their Purpose

Backpack will be an interactive crypto wallet that delivers crypto-native experiences utilizing executable NFTs , or what they are calling xNFTs. In explaining Backpack the founder of Coral, Armani Ferrante stated that the project can be compared to Apple’s IOS operating system, in which a user can manage their private keys and access xNFTs which will work like apps on the phone.


Coral Founder has a set vision for the future of NFTs and Backpack

“On top of Backpack, we have this concept of xNFTs, So we have not just these decentralized protocols, but we also have decentralized applications or UIs , and we can have this curated experience for xNFTs. I can do things like play games with the xNFTs. I could do things like see if they’re online and connected and what they’re doing on the blockchain.  I think building this as a primitive and exposing it to applications is going to be a really powerful feature. That’s going to be the unique thing that brings all this together to create a truly social experience that wrangles a lot of the problems that we see in web3 today, ”

The end goal for Backpack is to become its own network establishing a concept of multichain identity for users in web3 through use of the xNFTs.

This technology and the analogy to the iphone makes complete sense as Solana has already committed to creating its own flagship phone to take on Apple which has yet to offer any web3 or crypto capability.

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