February 23, 2024

Solana-based crypto wallet Phantom will expand its support to include the Ethereum and Polygon blockchains, opening its doors to a wider range of crypto users.

According to Phantom, the multi-chain support feature will be released publicly on May 1. The public release will take place on May 1st. Web3 Wallet released a initial guide on how to import and manage multiple wallets natively on their web and mobile apps.

Through the integration, Phantom’s multi-chain wallet will simplify the management of multiple secret phrases and private keys across Solana, Ethereum, and Polygon. Users can then import and use existing multi-chain addresses from popular wallets like MetaMask, Coinbase Wallet, and Rainbow, eliminating the need for multiple wallets. Phantom allows creation and management of up to 100 accounts, making it easy to manage all Secret Recovery Phrases and private keys within a single platform.

Originally scheduled to launch in the first quarter of 2023, adding support for Ethereum and Polygon enables Phantom’s 3 million users to transfer assets across different blockchains and interact with decentralized applications (dApps) such as Uniswap and ghostand NFT marketplaces like Blur and open sea. Phantom Wallet users can now also import existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets.

Phantom’s multi-chain support follows a successful funding round in January 2022, during which the wallet company reached Valuation at $1.2 billion. The round included participation from Paradigm, Andreessen Horowitz, Jump Capital, Solana and other investors.The company started $9 million in Series A funding.

Although there are other Multi-chain encryption wallet Like Pillar in the market, most crypto wallets generally cater to single-layer 1 blockchains, with Ethereum-focused wallets being the most prevalent. meta maskfor example, supports Ethereum and ERC-20 tokens, but the team expressed interest in a multi-chain future.

Web3 wallets play a vital role in expanding the crypto ecosystem as they provide users with a seamless, secure and accessible interface to manage their digital assets. One of the main factors driving the growth of the crypto ecosystem is the rise of decentralized applications (dApps) and non-fungible tokens (NFTs), which have expanded the use cases of cryptocurrencies beyond just being a store of value or medium of exchange. exchange.

As such, Web3 wallets are critical in the ecosystem as they enable users to interact with these dApps and NFT marketplaces, facilitating their participation in decentralized finance (DeFi), gaming, and other activities that are increasingly popular in the crypto space industry.

Phantom Wallet CEO Brandon Millman echoed the sentiment, claiming that the nature of wallets in the crypto space is rapidly changing due to newfound technical difficulties and regulatory concerns. Millman previously helped build Matcha.xyz, an Ethereum-based DEX aggregator, and 0x’s API.

Phantom has also implemented new security features to mitigate phishing risks, including hiding spam sent to encrypted wallets. The wallet simulates transactions before approving them, allowing users to verify transaction details and detect potential issues. To date, Phantom has a user base of over 3 million.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.