Solana-based developer Coral has raised $20 million in a strategic funding round co-led by the venture capital arm of FTX and Jump Crypto. Other participants in the round included Multicoin Capital, Anagram, and K5 Global, among others. The capital will go toward building out the first flagship product, Backpack, a wallet for executable non-fungible tokens (xNFT).
NFTs are typically digital assets such as an image or song where an underlying smart contract proves the uniqueness of that asset. With xNFTs, the user owns the right to execute some type of tokenized computer code – essentially, the user owns the right to launch an application. The ability to launch multiple types of apps in one place could simplify onboarding, a common pain point in the crypto industry.
Backpack’s private Beta launched on September 26th. About 10 of the largest projects on Solana already have projects in development using Backpack’s xNFT technology, including NFT marketplace Magic Eden, cross-chain bridge Wormhole, decentralized finance protocol Solend, and the developer framework Anchor, which Coral also created.
