The Bitski team will be joining Phantom to bring embedded wallets to Solana, simplifying the onboarding process for both users and developers, the firms said.
By Ian Allison
May 21, 2024 at 1:00 p.m. UTC
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7BCGXRFSBJHWRIGLETBFB5W77A.jpg "Solana-Based Wallet Phantom Buys Web3 Specialist Bitski (2)")
Bitski’s embedded wallet tech allows onboarding by signing up with email.
The financial terms of the deal were not disclosed.
00:59
Chances of 50 Basis Point Fed Rate Cut Next Week Jump to 47%
00:44
Ethereum Could Benefit Regardless of the Election Results: Analyst
15:41
Is Bitcoin a 'Trump Trade'?
02:16
SUI Beat the Market With Nearly 20% Rally; Deutsche Bank Survey Shows Crypto Is Here to Stay
Phantom, the leading crypto wallet in the Solana ecosystem, has bought Web3-focused browser extension wallet Bitski, the companies said on Tuesday.
The Bitski team will be joining Phantom to bring embedded wallets to Solana, according to a press release. The financial terms of the deal were not disclosed.
The recent non-fungible token (NFT) boom, which Bitski enthusiastically supported, saw an expansion of the Web3 ecosystem towards mainstream users, and with it usability challenges particularly when using mobile devices. Embedded wallets solve some of the issues around adoption, said Phantom's head of growth David Wu.
“In the future, we think embedded wallets really make sense for decentralized applications, rather than being forced to build their own or use less trusted firms or experimental products,” said Wu in an interview. “With Bitski's expertise in embedded wallets, onboarding will be much easier. Instead of telling people to download a separate mobile app, and adopt a seed phrase, simply sign up with an email and get started immediately.”
Piggybacking on renewed interest in Solana, Phantom has seen its user base double over the past three months to 7 million monthly active users, Wu said. Early in 2022, Phantom raised $109 million at a $1.2 billion valuation.
Edited by Pariksh*t Mishra.
Disclosure
Please note that our
and
do not sell my personal information
has been updated
.
CoinDesk is an
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
by the Bullish group, owner of
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/5ca74297-e3be-4402-a07e-b8aa3de111e4.png "Solana-Based Wallet Phantom Buys Web3 Specialist Bitski (8)")
Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Read more about
