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Phantom, a Solana-based wallet, acquires Web3 specialist Bitski. But why did Phantom buy the Bitski wallet?
According to the companies, Bitski’s team is joining Phantom to bring embedded wallets to Solana, simplifying the installation process for both users and developers.
Bitski’s built-in wallet technology allows you to log into the program by signing up via email.
The financial terms of this deal have not been disclosed.
Fantom, the leading crypto wallets in the Solana ecosystem, has acquired web3-focused browser extension wallet Bitski, the companies announced on Tuesday.
According to a press release, Bitski’s team will join Phantom to bring embedded wallets to Solana. Of course, the financial terms of this deal have not been disclosed.
The recent non-fungible token (NFT) boom, which Bitski has enthusiastically supported, has seen the Web3 ecosystem expand towards mainstream users and with it usability challenges, especially when using mobile devices. “Embedded wallets solve some of the adoption issues,” said David Wu, Phantom’s head of growth.
“Going forward, we think embedded wallets will be really useful for decentralized applications,” Wu said in an interview. Rather than having to build their own or use less trusted companies or trial products. With Bitski’s expertise in embedded wallets, it will be much easier to navigate decentralized applications. Instead of telling people to download a separate mobile app and accept an initial phrase, they simply sign up with an email and get started right away.
Due to renewed interest in Solana, Phantom doubled its user base over the past three months to 7 million monthly active users, Wu said. In early 2022, Phantom raised $109 million at a valuation of $1.2 billion.
