1. QiAi QuestsHome
  2. Metaverse & Beyond

Blockchain Wallet Development Company Coral Completes Strategic Financing of $20 Million

• Metaverse & Beyond • 67 views

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 Completes Strategic Financing of $20 Million

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

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. However, after FTX went bankrupt, the company was unable to withdraw FTX’s $14.5 million investment funds. This caused difficulties for the company, which had to make cuts to maintain operations.

Introduction

Coral is a blockchain wallet development company that offers a secure and convenient way to manage digital assets. It provides a wide range of services related to cryptocurrency management, including storage solutions, buying and selling cryptocurrencies, and more.

Strategic Financing of $20 Million

In September last year, Coral completed a strategic financing of $20 million. The funding round was led by FTX Ventures, a popular cryptocurrency exchange, and included other investors as well. This was a significant milestone for Coral, as it allowed the company to scale up its operations and expand its portfolio of services.

FTX Bankruptcy and Withdrawal of Funds

However, the company faced some unexpected hurdles in its journey. After the completion of the funding round, FTX, one of the major investors, went bankrupt, and Coral was unable to withdraw the $14.5 million investment funds. This put the company in a tough spot, and it had to make difficult decisions to maintain its operations.

Cuts Made by Coral

In response to the situation, Coral had to make cuts to its operations. The company had to let go of some employees and reconsider some of its plans. However, it still managed to stay afloat and continued to develop its projects, albeit with some delays.

Current Developments by Coral

Coral is still launching the xNFT protocol on Solana, which aims to provide a cutting-edge digital platform to trade, create, and exchange non-fungible tokens (NFTs). The company is also releasing its wallet Backpack on Solana and Ethereum, allowing users to manage their digital assets seamlessly. Furthermore, Coral is providing a beta test download version.

Conclusion

The challenges faced by Coral due to FTX’s bankruptcy and the subsequent withdrawal of funds were significant. However, the company managed to navigate through these difficulties and continues to provide innovative solutions to cryptocurrency enthusiasts.

FAQs

1. What is Coral?

Coral is a blockchain wallet development company that provides a secure and convenient way to manage digital assets.

2. What was the funding round led by FTX Ventures?

In September last year, Coral completed a strategic financing of $20 million, which was led by FTX Ventures and included other investors.

3. What are the current developments by Coral?

Coral is launching the xNFT protocol on Solana, releasing its wallet Backpack on Solana and Ethereum, and providing a beta test download version.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/16930.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/21/2023 21:58
Next 04/21/2023 22:28

Related recommendations