Coral Has Received a $20 Million Investment to Create the Backpack

Coral is the founder of the Anchor Framework, which was developed for the Solana blockchain ecosystem and allows writing smart contracts. Coral, founded by Armani Ferrante, is now developing the Backpack. Coral closed its funding round with $20 million with the support of some of the largest funds in the crypto world.

Meet Coral the WAO Company
Meet Coral the WAO Company

Coral received a strategic investment of $ 20 million in the investment round led by FTX Ventures and Jump Crypto. We see that names such as Decoin Capital, Anagram, K5 Global are among the participants in the investment round. The company will use the investment to develop the interactive crypto wallet Backpack for XNFTS.

Backpack

Backpack is said to be an interactive wallet that offers “native crypto experiences” via NFTs and xNFTs, which the company calls executable NFTs. Ferrante uses the Web3 analogy of the iPhone for Backpack in interviews. We can say that Backpack has the same function for Web3 as the IOS operating system is for iPhone. With Coral Backpack, it aims to develop a wallet where you can manage all your crypto assets. For example, imagine a single interface where you can manage your Mango accounts, buy, list and stake your NFTs. They also emphasizes that the Coral Backpack team will attach more importance to security.

Coral Backpack
Coral Backpack

Backpack’s discord community has more than 2 thousand members. Coral, which has only given access to discord members for Backpack to date, is moving Backpack to the private beta stage after the investment it has received.The Backpack codes will be published as open source.

Partners

Coral Partners
Coral Partners

References

www.coral.community

www.fortune.com

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