Phantom, the crypto wallet built for DeFi & NFTs, has announced that its mobile application and browser wallets now support Ethereum and Polygon networks. The support for the two additional blockchains was initially scheduled for Q1 2023 before being moved to May 2.
This development aims to allow users to interact with the three most significant blockchains for digital collectibles, all within a single platform.
The upgrade is also intended to expand users’ accessibility to dApps within the Web3 ecosystem, which includes but is not limited to decentralized cryptocurrency exchange Uniswap, community-centric NFT marketplace Magic Eden, Open source protocol Aave, NFT marketplaces Blur and OpenSea.
1/ Phantom multichain is rolling out today! 🥳
With support for multiple secret recovery phrases, it’s easy to import all of your wallets in seconds.
Compatible everywhere with a MetaMask button. pic.twitter.com/wbvwmZ1ZlJ
— Phantom (@phantom) May 1, 2023
In November, Polygon Studios CEO Ryan Wyatt voiced his excitement about the growth of the Polygon ecosystem and the opportunity to expand the Web3 community. He said collaborating with Phantom would allow them to provide a feature-packed wallet for mainstream users to interact with Polygon-powered apps.
Speaking to Decrypt, CEO Brandon Millman said that the company is committed to using its expertise in the Solana ecosystem to drive innovation in the wallet industry.
He emphasized the importance of providing a versatile and user-friendly experience across all platforms, especially within the three most significant ecosystems — Ethereum, Polygon and Solana.
Millman also claimed that with the increasing adoption of multichain in the cryptocurrency world, the Phantom wallet is positioned as the primary option for users.
Phantom wallet features
According to the company, the newly added features aspire to simplify the management of multiple accounts and assets across various blockchains. These features eliminate the need to switch between wallets and allow users to import existing MetaMask, Solana and Ethereum Virtual Machine (EVM) wallets.
Millman said that users could consolidate their wallets by inputting their seed phrase into Phantom, unlike MetaMask, which can only handle one seed phrase at a time. While other multichain wallets like Pillar provide support for several blockchains, most wallets focus on offering services for one blockchain, particularly Ethereum.
Solana Wallet Phantom adds support for Ethereum and Polygon, which was originally scheduled for the 2023Q1, but was delayed until today. Phantom once completed a financing of $109 million at $1.2 billion in January 2022. Paradigm led and A16Z participated. https://t.co/MimvkmqvMc
— Wu Blockchain (@WuBlockchain) April 26, 2023
In response to the growing number of phishing and scam attacks aimed at NFT holders, Phantom has expanded its user base with these upgrades and improved its security measures.
The wallet offers customer support services around the clock, which can help users deal with issues such as phishing attacks or explore alternative routes for assistance. Millman insisted that this is a significant advantage because, in many cases, users don’t know what to do after a security breach or scam.
The Phantom wallet also provides a simulation of transactions that users can approve before they’re sent, allowing them to review and verify what they’re sending and receiving.
In 2021, Millman, CPO Chris Kalani and CTO Francesco Agosti, who had previously worked on projects for 0x, Twitter, Facebook and Matcha.xyz, joined forces to create Phantom.
In November of last year, Agosti told Decrypt at 0xpo Crossroads that the inspiration for Phantom arose from dissatisfaction with the commonly used MetaMask wallet.
According to Agosti, the team was impressed with the Solana blockchain’s speed, low cost and scalability potential, leading them to choose it as their preferred blockchain to build on.
In January 2022, Phantom released its iOS wallet after raising $109 million in funding. The company also released an Android version of the Phantom wallet in April of the preceding year.
Per the company, since the beta version that introduced support for Ethereum and Polygon, the Phantom wallet has gained more than 100,000 users. In January, Phantom reported that it had scanned over 85 million transactions and successfully prevented over 18,000 transactions that would have emptied user wallets.
Phantom has announced its intentions to introduce immediate NFT sales and create a bridge that would allow assets to be transferred between the Ethereum and Solana networks.
Millman said the company firmly believes that “cross-chain interoperability” is the future of digital asset management.
It is also dedicated to providing its users with the essential resources and tools to “easily navigate and transact across various blockchain networks.”