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Blockchain Wallet Development Company Coral Receives $20 Million Funding, Amid Struggles Due to Bankruptcy of Investors

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According to reports, blockchain wallet development company Coral completed a strategic financing of $20 million in September last year, led by FTX Ventures and others. After FTX w

Blockchain Wallet Development Company Coral Receives $20 Million Funding, Amid Struggles Due to Bankruptcy of Investors

According to reports, blockchain wallet development company Coral completed a strategic financing of $20 million in September last year, led by FTX Ventures and others. After FTX went bankrupt, the company was unable to withdraw FTX’s $14.5 million investment funds. Armani Ferrante, the founder of Coral, stated that the company had to make cuts to maintain operations. Coral is still launching the xNFT protocol on Solana, releasing its wallet Backpack on Solana and Ethereum, and providing a beta test download version.

Blockchain Wallet Development Company Launches Its Wallet Backpack Beta Beta

In September last year, the blockchain wallet development company Coral successfully raised $20 million during a strategic financing round that was led by FTX Ventures and several other investors. This funding was expected to be a significant boost for the company’s projects, which include the launch of the xNFT protocol on Solana, releasing its wallet Backpack on Solana and Ethereum, and providing a beta test download version of the wallet to users. However, things did not go according to plan as the company ran into trouble when FTX Ventures went bankrupt and was unable to withdraw its $14.5 million investment in Coral.

Coral’s Struggle to Maintain Operations

In the aftermath of FTX Ventures’ bankruptcy, Coral faced a challenging situation as it was suddenly left without a crucial source of funding. The company’s founder, Armani Ferrante, said that they had to make some difficult decisions to maintain their operations, including layoffs and other cost-cutting measures. Despite these challenges, Coral remained committed to delivering its projects and continuing its growth trajectory.

Launch of the xNFT Protocol

One of Coral’s most significant projects is the launch of the xNFT protocol on Solana. This platform is designed to enable users to create, mint, and trade non-fungible tokens (NFTs) that represent a range of digital and physical assets. The xNFT protocol is expected to provide a more accessible and streamlined approach to NFT creation and trading, making it easier for both experienced and novice users to participate in this growing market.

Release of Backpack on Solana and Ethereum

Alongside the xNFT protocol, Coral is also focusing on developing its wallet platforms, including Backpack on Solana and Ethereum. Backpack is touted as a user-friendly and secure wallet that can be used to store a variety of assets, including NFTs, cryptocurrencies, and other digital assets. By providing a more robust and versatile wallet platform, Coral aims to increase adoption of digital assets among mainstream users.

Beta Test Download Version of the Wallet

Finally, Coral has also released a beta test download version of its wallet, which is available for users to try out and provide feedback on. This trial version is designed to give users a taste of what the final product will look like and how it will function. It also provides Coral with valuable feedback and insights into what users want from a wallet platform, which can be used to refine and improve future iterations of Backpack.

Conclusion

Despite facing some significant challenges due to FTX Ventures’ bankruptcy, Coral has continued to push ahead with its projects and growth plans. The blockchain wallet development company remains committed to delivering innovative and user-friendly solutions for the growing digital asset market. With the launch of the xNFT protocol, release of Backpack on Solana and Ethereum, and ongoing beta testing of the wallet, Coral is well-positioned to capitalize on the growing demand for digital asset solutions.

FAQs

Q: What is the xNFT protocol?
A: The xNFT protocol is a platform that enables users to create, mint, and trade non-fungible tokens (NFTs) that represent a range of digital and physical assets.
Q: What is Backpack?
A: Backpack is a user-friendly and secure wallet platform that can be used to store a variety of assets, including NFTs, cryptocurrencies, and other digital assets.
Q: What is the significance of Coral’s recent funding round?
A: The $20 million funding round was expected to provide a significant boost for Coral’s growth plans, but the company faced challenges after FTX Ventures went bankrupt and was unable to withdraw its investment. Despite this, Coral remains focused on delivering its projects and expanding its presence in the growing digital asset market.

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