Startup bounces back from $20m FTX investment gone wrong

The founder of Coral, Armani Ferrante, called the experience painful and claimed they had to put survival above all else to generate money. Coral was, however, able to survive by examining their runway and making adjustments where they were required.

Coral releases beta xNFT protocol on Solana

Coral still managed to pull through without the funds. It has recently introduced the xNFT protocol on Solana and made its social wallet, Backpack, accessible for download in beta form on Solana and Ethereum.

Backpack stands out as a social wallet, unlike other wallets that do not prioritize the social component, which may be essential for NFT communities.

Ferrante compares Backpack’s function as a wallet to that of an iPhone. In a similar way to how the iPhone is a phone with a robust application environment, Backpack has the potential to be a doorway to web3.

Despite the obstacle, Coral’s perseverance and diligence paid off, and they are currently operating in beta mode. The company providing the web3 gateway has managed to maintain its financial viability and carry out its function.

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