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Solana-focused crypto wallet Phantom adds Ethereum and Polygon support • TechCrunch

Solana-centric crypto wallet Phantom is expanding its support to two other blockchains, Ethereum and Polygon, the company exclusively told TechCrunch.

By adding support for Ethereum and Polygon, Phantom expands users’ access from just Solana to all three ecosystems, Phantom CEO and co-founder Brandom Millman told TechCrunch. “We want to bring together communities from across web3 with a secure and easy-to-use self-preservation product fit for mainstream adoption.”

The new Ethereum and Polygon integrations are live in beta mode on Phantom’s browser and iOS and Android apps with the goal of a public launch in the first quarter of 2023, Millman said. This means that users can trade, receive and exchange tokens in its wallet, as well as collect NFTs across all three blockchains.

“We’re graduating from a mono-chain wallet to a multi-chain wallet,” Millman said. “It was always our goal to bring Phantom to a multi-chain world. It’s always been our understanding that the world is moving towards a more multi-chain world so this is something that’s more of a homecoming for us.”

An image of the Phantom crypto wallet app with Solana, Ethereum and Polygon

Image credits: Ghost (opens in a new window)

The three co-founders – Millman, Francesco Agosti and Chris Kalani – previously worked in the Ethereum ecosystem at 0x, an Ethereum-focused financial protocol, so integrating the blockchain into Phantom’s wallet was “always something we wanted to do, Millman said.

Phantom currently has more than 2.5 million user sessions per day and more than 25 million on-chain decentralized application (dApp) transactions per month. In June, it launched an in-wallet token exchange where users can transfer tokens and has so far completed more than $1 billion in exchange volume, with each transaction costing less than 1 cent in network fees, it said.

In January, Phantom hit a $1.2 billion valuation after closing a $109 million funding round led by Paradigm. Other investors in the crypto wallet include Andreessen Horowitz, Jump Capital, Solana and Variant.

The crypto world is rapidly evolving, Millman noted. “People didn’t really think multi-chain was going to be a thing and Ethereum was seen as the only place for users and developers to interact with the world of web3. But now it’s pretty much accepted that the world is moving to a multi-chain world and there are competitors to Ethereum and Solana coming out.”

While a number of blockchains compete for market share, Millman doesn’t think the crypto ecosystem will go “to a world with thousands of chains,” but one with about three to five major blockchains. “We will see consolidation around that.”

The Phantom team will work closely with Polygon to build out a wallet compatible with the layer-2 blockchain’s ecosystem, it said. “Working with Phantom will allow us to deliver a feature-rich wallet ready for mainstream consumers to use when interacting with applications powered by Polygon,” said Ryan Wyatt, CEO of Polygon Studios. said in a statement.

In the future, Phantom will consider making its crypto wallet native with other blockchains, Millman said. “I think the whole wallet space is going to grow quite a bit, especially in the wake of some of the failures around centralized systems that we’ve seen recently. Non-surveillance and self-preservation systems are going to be quite at the fore.”

The non-custodial wallet also aims to focus on security and protecting users from spam NFTs and phishing attacks through its automated alerts of likely malicious transactions or websites that could compromise individuals’ wallets, assets or permissions.

“We’ve put a lot of effort into improving the ‘deal preview’ experience [and] the ability for a user to understand what they are authorizing when interacting with a web3 application,” said Millman. “Our transaction preview technologies have prevented over 20,000 wallets from being depleted with over 3,000 unique users saved in the past month alone.”

Phantom has also put a lot of effort into taking down fake phishing websites and has helped take down more than 2,000 fake websites targeting Solana communities, Millman added.

In the long term, Millman believes Phantom will become the “boarding point and discovery point for users entering web3,” similar to how Google Chrome is synonymous with the Internet or Web 2.0. “That’s our goal with Phantom for Web3: If a user wants to interact with web3, we want their first instinct to be to download our app. That’s our goal and north star.”

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