Phantom Adds Ethereum and Polygon Support to Cryptocurrency Wallet
Phantom, a cryptocurrency wallet for Solana blockchain users, has announced that it will begin public support for the Ethereum and Polygon blockchains on May 1 at 9 a.m. EST across browsers, iOS, and Android. This move will give the company’s 3 million customers access to multichain integration. The addition of support for these two blockchains was supposed to happen in Q1 of 2023 but was delayed.
Banking on Multichain Growth
Phantom’s wallet users may now trade assets across decentralized applications (dApps) like Uniswap and Aave, as well as NFT markets like Blur and OpenSea. MetaMask, Solana, and Ethereum Virtual Machine (EVM) wallets are now supported for importing user assets. Furthermore, wallet owners may now trade, keep, and engage across all three blockchains, making Phantom accessible to a wider pool of crypto users beyond the millions it now has from the Solana ecosystem.
Phantom’s Funding Round
Phantom raised $109 million at a $1.2 billion valuation in January 2022. Paradigm led the funding round, which also included Andreessen Horowitz, Jump Capital, Solana, and others.
The Importance of Multichain Future
Phantom’s decision to open up to other blockchains is essential because of the growing possibility of a multichain future and the possibility that other big players (such as MetaMask) may follow suit. The new feature may also facilitate cross-chain communication between dApps and other projects and their users. In conclusion, Phantom’s new features, including support for Ethereum and Polygon blockchains, are set to enhance the user experience of the wallet. With multichain growth being the future of the cryptocurrency industry, this move will make Phantom accessible to a wider pool of crypto users beyond the millions it now has from the Solana ecosystem.