According to the firms on Tuesday, Bitski, a browser extension wallet that focuses on Web3, has been acquired by Phantom, the top cryptocurrency wallet in the Solana ecosystem. According to a press announcement, Phantom and the Bitski team will work together to deliver embedded wallets to Solana.
The deal’s financial details were kept a secret. With the recent explosion of non-fungible tokens (NFTs), which Bitski wholeheartedly backed, the Web3 ecosystem reached a wider audience and brought with it some usability issues, especially with mobile devices. According to David Wu, head of growth at Phantom, some of the adoption-related problems are resolved via embedded wallets.
“Instead of being forced to build their own or use less trusted firms or experimental products, we think embedded wallets really make sense for decentralised applications in the future,” Wu stated in an interview. Bitski’s proficiency in integrated wallets will make the onboarding process considerably simpler.
Rather than directing users to download an additional mobile app and use a seed word, just register with an email address and get going right away. Phantom’s user base has doubled over the last three months to reach 7 million monthly active users, Wu added, riding on the increased interest in Solana. Phantom raised $109 million at a $1.2 billion valuation in the first quarter of 2022.