Solana Tech Developer Coral Pays $20 Million, Plans To Launch ‘xNFT’ Protocol

Solana ecosystem developer Coral has closed a $20 million investment round backed by some of crypto’s biggest venture funds, setting the stage for the launch of its new interactive wallet later this month.

Coral announced Wednesday that 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 said it will use the funds to build internal capacity and launch its flagship product, the Backpack.

Backpack is said to be an interactive wallet that offers “crypto-native experiences” in executable non-fungible tokens, or xNFTs. Coral describes xNFTs as similar to mini-programs offered by the popular Chinese messaging app WeChat. xNFT provides a portal for applications, games or assets built on any blockchain.

On Wednesday, Backpack became available in private beta, with Discord members getting priority access. Coral said more than 10 of Solana’s largest projects have projects in active development on the portfolio.

Coral is actively working on Solana, the developer of the network’s anchor development framework, which provides developers with more convenient tools for writing smart contracts. Coral founder Armani Ferrante says the goal is to “make backpacking the default portal of the Solana ecosystem.”

Related: Microsoft, Avalanche, Polygon Join Web3 Automation Startup in $20M Funding

Solana is on the upswing even as it struggles with frequent network outages. As reported by Cointelegraph, Solana’s daily transactions surpassed Ethereum’s in the second quarter. According to data courtesy of Nansen, Solana’s daily transactions rose steadily between April and June, eventually reaching 40 million daily transactions by the end of the quarter.