Solana ecosystem developer Coral has closed a $20 million investment round backed by some of the biggest cryptocurrency venture funds, laying the groundwork for the launch of its new interactive wallet later this month.
The investment round was co-led by FTX Ventures and Jump Capital, with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced on Wednesday. Coral said he would use the funds to build internal capacity and launch his flagship product, Backpack.
Backpack is said to be an interactive wallet that offers “crypto-native experiences” through so-called executable non-fungible tokens, or xNFTs. Coral describes xNFTs as analogous to the mini-programs offered by the popular Chinese messaging app WeChat. xNFTs provide a portal for applications, games or assets built on any blockchain.
On Wednesday, Backpack became available in private beta, with priority access for Discord members. Coral says that more than 10 of Solana’s biggest projects already have projects in active development at Backpack.
Solana is the 2nd network after Ethereum to feel the strain under the weight of NFT transactions over the weekend with the blockchain going dark due to bots trying to mint them. https://t.co/bBeaW8Mwt9
— Cointelegraph (@Cointelegraph) May 2, 2022
Coral is active in Solana as the creator of the network’s Anchor development framework, which gives developers more convenient tools to write smart contracts. Armani Ferrante, founder of Coral, said his goal is “to make Backpack the default portal for the Solana ecosystem.”
Despite struggling with repeated network outages, Solana continues to be on the upswing in terms of activity. As Cointelegraph reports, Solana’s daily transactions surpassed those of Ethereum in Q2. The data, courtesy of Nansen, showed that Solana’s daily transactions increased steadily between April and June, reaching 40 million daily transactions at the end of the quarter.
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