Key Takeaways:
- Phantom acquires Bitski to bring embedded wallets to the Solana ecosystem, simplifying onboarding for users and developers.
- Bitski’s technology enables email-based sign-ups, addressing usability challenges, particularly in the NFT sector.
- Phantom’s user base has doubled to 7 million monthly active users amid renewed interest in Solana.
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.
Phantom, the leading crypto wallet in the Solana ecosystem, has acquired Web3-focused browser extension wallet Bitski, the companies announced on Tuesday.
We’ve got big news…
— Phantom (@phantom) May 21, 2024
We’ve acquired @bitski, a leading provider of embedded wallets 🎉 pic.twitter.com/4nnyHdA3Bw
Bitski’s team will integrate with Phantom to introduce embedded wallets to Solana, easing the onboarding process for both users and developers. Financial terms of the deal were not disclosed.
Bitski’s embedded wallet technology allows users to sign up using their email, streamlining the onboarding process.
The recent boom in non-fungible tokens (NFTs), which Bitski has significantly supported, has expanded the Web3 ecosystem towards mainstream users, bringing with it usability challenges, particularly on mobile devices. Embedded wallets address some of these adoption issues, according to 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,” Wu stated 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.”
We're joining @Phantom!https://t.co/ERQ4xkG6PI pic.twitter.com/ufrL3dXfkB
— Bitski (@bitski) May 21, 2024
With renewed interest in Solana, Phantom’s user base has doubled over the past three months to 7 million monthly active users, Wu added.
Early in 2022, Phantom raised $109 million at a $1.2 billion valuation.
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