Binance-backed CoralApp Launches New Web3 Gadget with Passive Income Opportunities

CoralApp, the web3 platform powered by Binance, has launched its new product, Coral Phone.

With this launch, Coral plans to tap into the massive smartphone market, which already has around 6.84 billion devices in operation. This number is expected to reach 7.1 billion by the end of 2024.

As per a recent announcement, the new smartphone will be equipped with artificial intelligence combined with web3 features to bring decentralized finance (DeFi), GameFi and SocialFi to the masses.

In addition to offering features found in traditional smartphones, the Coral phone is designed to work seamlessly with decentralized applications (dApps) and decentralized physical infrastructure networks (DePINs).

Users can access a variety of DeFi services directly from their smartphone, including features such as investment management, cryptocurrency trading, and earning interest on digital assets, without the need for other devices or additional applications.

Moreover, the phone supports multi-chain capabilities, allowing users to interact with multiple blockchain networks.

Users also have the opportunity to contribute to DePIN services thanks to Coral Phones’ built-in integration with such services. This allows them to generate passive income. However, this feature can be turned off with a switch.

Another area of ​​focus is the inclusion of decentralized social networks and web3 gaming support in the phone ecosystem.

Thanks to decentralized social networks, users can maintain control over their data and at the same time use it to generate revenue. Meanwhile, web3 games also offer revenue generating opportunities.

“CoralApp’s goal is to create a digital lifestyle that is not only fulfilling, but also engaging and inspiring,” the company wrote on its Medium blog.

Additionally, all user assets and private keys are stored in the phone’s native storage solution called Coral Vault. The wallet is secured with hardware-based security features such as AES encryption, Secure Element (SE), and Trusted Execution Environment (TEE).

In addition, the device is equipped with an “advanced biometric authentication system” that allows for fingerprint scanning and facial recognition.

In terms of hardware, the device boasts a 6.55-inch AMOLED display, a 4,800 mAh battery and is powered by the Qualcomm Snapdragon 8 Gen 3 chipset.

In terms of software, the smartphone has Coral OS 1.0. The operating system was built on Google’s Android 14.

At the time of publication, the device is available for pre-registration. The first 2,000 units were priced at USDT 1,500 or USD 1,500.

Delivery is expected to take place within six months of registration.

The Coral Phone will be a direct competitor to existing products such as Solana Labs’ Saga smartphone and the JamboPhone from smartphone maker Web3 Jambo in partnership with the Aptos Foundation.

Solana’s Saga phone was met with huge interest upon launch, with all units selling out in the United States. However, the device was also criticized, with YouTuber Marques Brownlee calling it the “fail of 2023.”