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Coral boosts $20M from FTX Ventures and Jump Crypto to create a Backpack

Coral_boosts_$20M_from_FTX_Ventures_and_Jump_Crypto_to_create

The developer of the popular framework called Anchor, which is used by Solana developers to create smart contracts, Coral, wants to build a Web3 equivalent of the Apple app store. In order to achieve this, Backpack, a new type of wallet platform, is being introduced.

As well as being able to see a library of “executable NFTs,” or “xNFTs,” which serve as entry points to other apps, users of Backpack may also store tokens and NFTs. Since customers may browse over and utilize other applications from their Backpack in addition to its wallet capabilities, the layout is comparable to that of the app store on an iPhone.

For instance, a new Backpack user can access applications that let them purchase, list, or stake tokens or NFTs as well as browse and use other previously underused applications like the decentralized trading platform Mango or the NFT marketplace Magic Eden, all in one location.

“Backpack is a lot of things,” Armani Ferrante, founder of Coral, tells Fortune. “But, fundamentally, I view it as a portal into Web3,” the so-called decentralized iteration of the internet.

“This is potentially the ‘iPhone launch moment’ for Web3,” Ramnik Arora, head of product at FTX, said in a statement, “with xNFTs as apps, xNFT marketplace as the App Store, and CoralOS as the iOS.”

Coral revealed on Wednesday that it had raised $20 million in a strategic round co-led by FTX Ventures and Jump Crypto to expand this portal. Multicoin Capital, Anagram, and K5 Global are a few more investors.

With the money, Coral wants to expand its Backpack team and put a stronger focus on security. Recently, a Solana-focused wallet caused a significant breach, which is common in the larger crypto community. Ferrante constructed Anchor and decided to add Backpack to the Coral ecosystem with this in mind.

“You’re either secure or not secure. And it’s the applications’ job to make sure that users don’t get rugged,” Ferrante said. “This is what led us down the path of building Backpack. This is where the whole concept of the curated app store on top of this permissionless xNFT protocol comes into play.”

with immediate access to Backpack’s applications “We can eliminate a lot of phishing attacks,” he said.

With a focus on Solana ecosystem applications, Backpack is now in beta testing. Ferrante said he ultimately wants to broaden Backpack to include the apps of other chains.

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