FinTech news in FTX Ventures category

More than 10 of the largest projects on Solana are already working on projects that leverage Backpack’s protocol, according to Ferrante. Ferrante’s iPhone analogy seems particularly apt when one considers that as an ecosystem, Solana has chosen to invest in hardware. The Discord community around Backpack has about 2,000 members today, which Ferrante said has been intentionally locked up until today’s announcement that Coral will launch Backpack in private beta and open-source its code, giving members of the Discord priority access. The Backpack wallet, Ferrante said, is like the iPhone’s iOS operating system, where a user can manage their private keys and access xNFTs, which are like the apps on the iPhone. Ferrante said the Coral team is in close contact with the team behind Saga and that he eventually hopes to see xNFTs run as native apps on the smartphone.

Jaskiw attributes Tactic’s success in closing the round this summer to a few different factors — investors who have a long-term belief in the crypto ecosystem as well as the company’s focus on catering to larger clients who are processing thousands of transactions each month. CEO and founder Ann Jaskiw launched Tactic in 2021 while she was working on a different crypto project and realized from her conversations with founders in the space that they were struggling to close their books each month and stay compliant with accounting principles. Perhaps that part of the reason why less than five months after journalist covered Tactic’s $2.6 million seed round, the crypto accounting software startup has managed to bag $11 million despite a painful market downturn for the sector in what it says was an oversubscribed raise. Looking ahead, Jaskiw said Tactic hopes to become a one-stop shop for companies to manage their crypto accounting processes.