Coral raises $20M for ‘xNFT’ blockchain wallets
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Coral, the makers of a blockchain development tool dubbed Anchor, has raised $20 million for a new kind of cryptocurrency wallet.
The company plans to use the funds to recruit a team and to launch its first flagship product, Backpack, later this month. The wallet uses something new called executable NFTs (xNFTs).
FTX Ventures and Jump Crypto led the round, with participation from Multicoin Capital, Anagram, K5 Global, and other strategic investors.
“This is potentially the ‘iPhone launch moment’ for Web3 with xNFTs as apps, xNFT marketplace as the App Store, and CoralOS as the iOS. It is surprising that Backpack hasn’t been built in Web3 until now,” said Ramnik Arora, head of product at FTX, in a statement.
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Backpack will be an interactive wallet that delivers crypto-native experiences through xNFTs, which act as native applications within Backpack. Any user with an xNFT in their wallet can launch the application or experience within that xNFT.
These xNFTs are analogous to WeChat mini-programs; they represent a portal to applications, games or assets built on any chain. Using Backpack, for the first time, users can access all of their assets and decentralized apps natively in one place, the company said.
Coral has some history with those paying attention in blockchain circles. Its Anchor is the most popular Solana development framework, the company said. Anchor is the programming scaffolding that
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