{"id":52314,"date":"2022-09-29T04:24:20","date_gmt":"2022-09-29T02:24:20","guid":{"rendered":"https:\/\/www.rudebaguette.com\/?p=52314"},"modified":"2022-09-29T04:24:23","modified_gmt":"2022-09-29T02:24:23","slug":"coral-the-solana-developer-platform-raises-20m-to-design-web3s-iphone","status":"publish","type":"post","link":"https:\/\/www.rudebaguette.com\/en\/2022\/09\/coral-the-solana-developer-platform-raises-20m-to-design-web3s-iphone\/","title":{"rendered":"Coral, the Solana developer platform, raises $20M to design Web3\u2019s iPhone"},"content":{"rendered":"\n

Coral<\/a>, the Solana developer platform, has helped design dev tools for the Solana blockchain ecosystem.\u00a0<\/p>\n\n\n\n

On Wednesday, the firm announced it raised a $20 million strategic round<\/a> headed by FTX Ventures and Jump Crypto, with Anagram, Multicoin Capital, K5 Global, and others participating.<\/p>\n\n\n\n

Coral aims to use the funds to launch a product known as Backpack, an interactive crypto wallet that provides crypto-native experiences via executable NFTs (xNFTs).<\/p>\n\n\n\n

The founder, Armani Ferrante, described the product with an Apple iPhone analogy. He said that the Backpack wallet is like the iPhone\u2019s iOS operating system that allows users to manage their private keys and access xNFTs, like the apps on the iPhone.<\/p>\n\n\n\n

According to Ferrante, \u201cOn top of Backpack, we have this concept of xNFTs. So we have not just these decentralized protocols, but we also have decentralized applications or UIs, and we can have this curated experience for xNFTs.\u201d<\/p>\n\n\n\n

The company also offers a developer tool known as ReactxNFT, which Ferrante revealed could be compared to Apple\u2019s Swift and UIKit packages.<\/p>\n\n\n\n

\u201cWe can build on this platform and take advantage of these APIs to build compelling user experiences on top of Backpack,\u201d he added.<\/p>\n\n\n\n

Ferrante and the company hope to build Backpack into a \u201cnetwork in its own right\u201d to assist create a concept of multichain identity for Web3 users via xNFTs.<\/p>\n\n\n\n

Ferrante expressed, \u201cI could do things like play games with [xNFTs], I could do things like see if they\u2019re online and connected and what they\u2019re doing on the blockchain. I think building this as a primitive and exposing it to applications is going to be a really powerful feature. That\u2019s going to be the unique thing that brings all this together to create a truly social experience that wrangles a lot of the problems that we see in web3 today,\u201d.<\/p>\n\n\n\n

Leveraging the Discord community<\/strong><\/h2>\n\n\n\n

The Backpack Discord community has about 2,000 members. Ferrante said the community had been intentionally locked up until this Wednesday, Coral’s Backpack announcement.<\/p>\n\n\n\n

Coral plans to launch Backpack in private beta and open-source its code, offering Discord members priority access. Over 10 of Solana’s largest projects have been working on projects or tasks that leverage Backpack\u2019s protocol.<\/p>\n\n\n\n

Meanwhile, Solana Labs, the firm that develops the Solana protocol, has earlier established a Web3-focused smartphone <\/a>called Saga. Now, Ferrante revealed that the Coral team is communicating with the team behind Saga to see how xNFTs will run as native apps on the smartphone.<\/p>\n\n\n\n

Ferrante said, \u201cIn the same way that you\u2019ll be able to go into the Saga app store and download [an app like] Magic Eden, there\u2019ll be a xNFT section. You\u2019ll be able to download xNFTs and see them on your home screen.\u201d\u00a0<\/p>\n\n\n\n

Image by rawpixel.com<\/a> on Freepik<\/p>\n","protected":false},"excerpt":{"rendered":"

Coral, the Solana developer platform, has helped design dev tools for the Solana blockchain ecosystem.\u00a0 On Wednesday, the firm announced it raised a $20 million strategic round headed by FTX Ventures and Jump Crypto, with Anagram, Multicoin Capital, K5 Global, and others participating. Coral aims to use the funds to launch a product known as<\/p>\n","protected":false},"author":77,"featured_media":52315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"subtitle":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-52314","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts\/52314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/comments?post=52314"}],"version-history":[{"count":0,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts\/52314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/media\/52315"}],"wp:attachment":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/media?parent=52314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/categories?post=52314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/tags?post=52314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}