Phantom, a prominent crypto wallet in the Solana ecosystem, has acquired Bitski, a Web3-focused browser extension wallet, in a move aimed at revolutionizing embedded wallets on the Solana platform. The financial details of the acquisition were not made public.
The collaboration between Phantom and Bitski is expected to streamline the onboarding process for users interested in decentralized applications. Instead of the traditional method of downloading a separate app and dealing with seed phrases, users can now simply sign up with an email to get started immediately.
The surge in interest in non-fungible tokens (NFTs), championed by Bitski, has driven the growth of the Web3 ecosystem. However, usability challenges on mobile devices have been a hindrance. According to David Wu, Phantom’s head of growth, embedded wallets offer a solution to these issues, making adoption much smoother.
Phantom’s user base has skyrocketed to 7 million monthly active users over the past three months, fueled by the growing popularity of Solana. Earlier this year, Phantom secured 9 million in funding, valuing the company at .2 billion.
The collaboration between Phantom and Bitski is expected to drive further innovation in the Web3 space, making it more accessible and user-friendly for mainstream users.
