Solana Dev Platform “Coral” Raises $20M With FTX and Jump Crypto For New Web3 Project

In the competitive world of layer-one blockchains, developers are a big growth accelerator. Wherever developers go, apps and healthy ecosystems follow, and user activity and attention tend to follow.

Coral has been critical in the development of dev tools for the Solana blockchain ecosystem. The startup was responsible for the creation of “Anchor”, the most popular smart contract developer framework for Solana.

Today, the company announced a $20 million strategic round headed by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, and others.

It intends to utilize the funds to build “Backpack”, an interactive crypto wallet that it claims provides crypto-native experiences using what it calls executable NFTs (xNFTs).

Coral compares xNFTs to the mini-programs available on the popular Chinese messaging app WeChat. The xNFT acts as a gateway to any blockchain-based apps, games, or assets.

Coral’s founder, Armani Ferrante, stated that his objective is to “make Backpack the default doorway to the Solana ecosystem.”

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

Solana Updates

Solana has really been establishing itself as one of the top blockchains today.

The blockchain, which was known for common outages, has apparently turned things around for the best – after adopting a series of updates that made the network a lot more stable.

Recently, Solana even outperformed Ethereum in Q2 of 2022. In a recent report, Solana was said to surpass Ethereum on daily transactions by a large amount. The incident was due to a uniquely hyped NFT collection on Solana’s blockchain.

Many see the increase in Solana’s user base as a good thing. After going through so many simultaneous transactions – Solana was able to withstand the demand, which could make the blockchain change many opinions about its past inability to handle user pressure.

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