Solana infrastructure developer Coral secured $20 million in funding from FTX ventures and digital asset trading firm Jump Crypto.
The startup plans to deploy funds towards executable non-fungible tokens (xNFTs).
xNFTs will function as applications within a crypto wallet dubbed Backpack, a decentralized hub built to bridge user interface and simplify onboarding.
Backpack’s private beta launch is expected to feature platforms like Solana marketplace Magic Eden as xNFTs.
Coral, a decentralized infrastructure developer, bagged $20 million in funding to build out executable non-fungible tokens (xNFTs) for the Solana ecosystem. The funding round was led by both FTX ventures, the investment arm of crypto exchange FTX, and digital asset trading firm Jump crypto.
The new funding is expected to expand Coral’s existing technological development and back the company’s first-ever consumer offering – a crypto wallet called Backpack. Previously, the startup built a Solana development framework known as Anchor.
Coral’s Backpack Wallet To Power xNFT Functionality
According to the announcement, Coral’s Backpack wallet plans to decentralize the user interface (UI) and enable users to interact with web3 assets such as tokens and decentralized apps (dapp) from a single service. This would create a one-stop shop for decentralized operations.
The first step toward actualizing this goal is a feature dubbed xNFTs, per Wednesday’s statement. xNFTs equip users with the right to launch an application. The solution expands on the standard NFT model which boasts unique digital collectibles.
In other words, users experience functionality that allows them to view their token holdings, interact with their NFTs, and experience marketplaces for web3 assets all from one app – Backpack.
Speaking on the crypto wallet, Coral founder Armani Ferrante said that Backpack is fundamentally “a portal into Web3”. This remark was echoed by FTX head of product Ramnik Arora who likened Backpack and xNFT to the Apple app store and iPhone.
This is potentially the ‘iPhone launch moment’ for Web3, with xNFTs as apps, xNFT marketplace as the App Store, and CoralOS as the iOS.
Ferrante added that 10 of the largest Solana projects are already building with Coral’s framework and will tap Backpack’s utility. The crypto wallet boasts a private beta launch, with projects like NFT marketplace Magic Eden debuting as xNFTs, per reports.