Startup bounces back from $20m FTX investment gone wrong

Coral, a crypto infrastructure company, has managed to bounce back from a nearly $20 million investment from FTX gone wrong.

This comes after it had been wiped out in September 2022, just six weeks after FTX invested a substantial amount in his company.

Coral loses $14.5 million in investment

In November 2022, Armani Ferrante, who had just received an investment of $20 million from FTX and other investors, attempted to understand what was happening at the market exchange while on a flight from Lisbon. 

Unfortunately, their frantic attempts to withdraw their money from FTX when it crashed were met with no response.

Coral lost the entire $14.5 million FTX had invested. Following this, the company needed to “go into cockroach mode,” said Coral’s founder Ferrante.

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.