{"id":77612,"date":"2023-04-21T10:31:00","date_gmt":"2023-04-21T07:31:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77612"},"modified":"2025-09-11T00:17:32","modified_gmt":"2025-09-10T21:17:32","slug":"ftx-collapse-pushes-coral-startup-into-survival-mode","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-collapse-pushes-coral-startup-into-survival-mode\/","title":{"rendered":"FTX Collapse Pushes Coral Startup Into Survival Mode"},"content":{"rendered":"

The crypto startup Coral shifted to autonomous mode and did not lose its focus on development after the collapse of FTX<\/a> deprived it of the $20 million raised in the funding round. The team’s story was revealed in The Block<\/a>.<\/p>\n

In September 2022, the company raised $20 million, predominantly from Sam Bankman-Fried’s exchange. Six weeks later, the founders were forced to switch to crisis mode, cutting costs and rethinking the strategy after their funds became stuck on the platform.<\/p>\n

\n

“It was a full-blown panic. It felt like we were punched in the gut. [\u2026] We were simply trying to stay as positive as possible, keep the team motivated, and not go crazy. Many of us also lost personal capital,”<\/em> said Armani Ferrante, a former research engineer at Alamada Research and founder of Coral.<\/p>\n<\/blockquote>\n

The company abandoned several steps on its roadmap in order to stay afloat.<\/p>\n

\n

“We set our priorities, for example, how do we make money? How do we advance to the next round? How do we stay alive? It was a traumatic experience in every sense. It seems those moments were an eternity ago. But we are here, and we are still moving forward,”<\/em> Ferrante recalled.<\/p>\n<\/blockquote>\n

The team managed to launch the xNFT protocol on Solana, as well as its Backpack wallet on Solana and Ethereum, and make it available for download in beta.<\/p>\n

xNFT operates on an ‘app store’ model, allowing users to trade NFTs and interact with dapps<\/span> through Backpack. In other words, users do not need to use a browser wallet and sign transactions. The founder of Coral likens the technology to the iPhone in the smartphone world.<\/p>\n

As Bloomberg reported, the potential relaunch of the collapsed Bitcoin exchange FTX attracted interest<\/a> from venture firm Tribe Capital, according to Bloomberg.<\/p>\n

Earlier Bernstein analysts said<\/a> that the collapse of Bankman-Fried’s exchange had a positive impact on the crypto market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto startup Coral shifted to autonomous mode and did not lose its focus on development after the FTX collapse deprived it of the $20 million raised in its funding round. The Block uncovered the team’s story.<\/p>\n","protected":false},"author":1,"featured_media":77613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1133,57],"class_list":["post-77612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-venture-investments","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77612"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77612\/revisions"}],"predecessor-version":[{"id":77614,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77612\/revisions\/77614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77613"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}