Phantom, a Solana-based crypto wallet, is set to expand its support to include Ethereum and Polygon blockchains, opening its doors to a broader range of crypto users.
According to Phantom, the feature for multichain support will have a public launch on May 1st. The public launch will place on May 1. The Web3 wallet has published an initial guide on how to import and manage multiple wallets natively on its web and mobile apps.
With the integration, Phantom's multichain wallet will simplify the management of multiple Secret Recovery Phrases and private keys across Solana, Ethereum, and Polygon. Users may then import and use existing multichain addresses from popular wallets like MetaMask, Coinbase Wallet, and Rainbow, eliminating the need for multiple wallets. Phantom allows for the creation and management of up to 100 accounts, enabling easy management of all Secret Recovery Phrases and private keys within a single platform.
Originally scheduled for launched in Q1 2023, the addition of Ethereum and Polygon support enables Phantom's 3 million users to transfer assets across different blockchains and interact with decentralized applications (dApps) such as Uniswap and Aave, as well as NFT marketplaces like Blur and OpenSea. Phantom wallet users can now also import existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets.
Phantom's multichain support follows a successful funding round in January 2022, during which the wallet company reached a valuation of $1.2 billion. The round included participation from Paradigm, Andreessen Horowitz, Jump Capital, Solana, and other investors. The firm started with a $9 million Series A.
While there are other multichain crypto wallets like Pillar in the market, the majority of crypto wallets typically cater to single layer-1 blockchains, with Ethereum-focused wallets being the most prevalent. MetaMask, for instance, supports Ethereum and ERC-20 tokens, but its team has expressed interest in a multichain future.
Web3 wallets play a crucial role in scaling the crypto ecosystem, as they provide users with a seamless, secure, and accessible interface for managing their digital assets. One of the main factors contributing to the growth of the crypto ecosystem is the rise of decentralized applications (dApps) and non-fungible tokens (NFTs), which have expanded the use cases for cryptocurrencies beyond just being a store of value or a medium of exchange.
Web3 wallets are thus critical in the ecosystem in that they enable users to interact with these dApps and NFT marketplaces, thus facilitating their participation in decentralized finance (DeFi), gaming, and other sectors that are gaining traction within the crypto space.
Phantom Wallet CEO Brandon Millman has opined along the same trajectory, claiming that the nature of wallets in the crypto space is rapidly changing amid newly-discovered technical difficulties and regulatory concerns. Millman previously helped build Matcha.xyz, an Ethereum-based DEX aggregator, as well as APIs for 0x.
Phantom is also implementing new security features to mitigate phishing risks, including hiding spam sent to crypto wallets. The wallet simulates transactions before approval, allowing users to verify the transaction details and detect potential concerns. To date, Phantom has a user base of over 3 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
