Solana Tech Developer Coral Raises $20M, Plans to Launch 'xNFT' Protocol

Coral is the creator of the Anchor development framework, which provides standard smart contract tools and other resources for Solana developers.< /p> New

Solana ecosystem developer Coral has closed a $20 million investment round backed by some of crypto's biggest venture capital funds, paving the way for the launch of its new interactive wallet more later this month.

The investment round was co-led by FTX Ventures and Jump Crypto with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced Wednesday. Coral said it will use the funds to build internal capacity and launch its flagship product, Backpack.

The backpack is said to be an interactive wallet that offers "crypto-native experiences" through what are called executable non-fungible tokens, or xNFTs. Coral describes xNFTs as analogous to mini-programs offered by the popular Chinese messaging app WeChat. The xNFT provides a portal to apps, games or assets built on any blockchain.

On Wednesday, Backpack became available as a private beta, with Discord members getting priority access. Coral claims that over 10 of the biggest projects on Solana already have projects in active development on Backpack.

Solana is the 2nd network after Ethereum to feel pressure under the weight of NFT transactions over the weekend with the blockchain going dark from bots trying to hack them to hit. https://t.co/bBeaW8Mwt9

Coral is active on Solana as the creator of the network's Anchor development framework, which gives developers more convenient tools for writing smart contracts. Armani Ferrante, the founder of Coral, said his goal was to "make Backpack the default portal for the Solana ecosystem".

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