Share this article
FTX Ventures, Jump Crypto Lead $20M Fundraise for Executable NFT Wallet
The wallet, a forthcoming project from Solana developer Coral, will give users ownership of application code.
By Brandy Betz
Updated May 11, 2023, 4:18 p.m. Published Sep 28, 2022, 1:00 p.m.
Solana-based developer Coral has raised $20 million in a strategic funding round co-led by the venture capital arm of FTX and Jump Crypto. The capital will go toward building out the first flagship product, Backpack, a wallet for executable non-fungible tokens (xNFT).
NFTs are typically digital assets such as an image or song where an underlying smart contract proves the uniqueness of that asset. With xNFTs, the user owns the right to execute some type of tokenized computer code – essentially, the user owns the right to launch an application. The ability to launch multiple types of apps in one place could simplify onboarding, a common pain point in the crypto industry.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: What Are NFTs and How Do They Work?
Explaining the purpose of xNFTs, Coral founder Armani Ferrante traces decentralized ownership from smart contracts to their resulting protocols and then up to the user interface (UI) layer such as applications and websites, which largely remain centralized. Backpack aims to decentralize the UI layer, starting with a wallet.
“We can move from smart contracts, go up the stack to the UI layer, where we can have decentralized ownership of code and provide all the developer tooling to make that happen,” Ferrante told CoinDesk in an interview, noting that the tooling includes smart contracts and the necessary app store. “Backpack serves as the native system, analogous to the iPhone, that allows people to use and interact with all of these applications in a native and secure way.”
Other participants in the round included Multicoin Capital, Anagram and K5 Global, among others.
Backpack will launch into private beta on Sept. 26. About 10 of the largest projects on Solana already have projects in development using Backpack’s xNFT technology, including NFT marketplace Magic Eden, cross-chain bridge Wormhole, decentralized finance protocol Solend and the developer framework Anchor, which Coral also created.
Jump Crypto’s participation comes about a month after the crypto trading firm and builder was tapped to revamp a part of Solana’s core infrastructure to improve reliability after a number of outages and slow throughput.
Read more: Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
