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Phantom Wallet Adopts Multichain Strategy, Now Supports Ethereum and Polygon

2 mins
Updated by Kyle Baird
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In Brief

  • Solana-focused crypto wallet Phantom adds Ethereum and Polygon support for its expansion plan.
  • Phantom previously completed a $109M funding round led by Paradigm in Q1 2022.
  • The wallet aims to be the MetaMask of Solana.
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Phantom, the largest wallet on Solana, says it will expand to Ethereum and Polygon. It aims to become the MetaMask of Solana.

With the latest deployment from Phantom, the largest wallet on Solana, popular non-custodial wallets like MetaMask may see a competitor breathing down its neck. 

Phantom is a wallet and browser extension that uses the Solana blockchain to manage cryptocurrencies and provide access to decentralized services. Phantom is a non-custodial web3 wallet and the most popular cryptocurrency wallet for the Solana blockchain. 

Most new crypto users haven’t heard of it since Solana only launched its mainnet in 2020. But the Phantom wallet mirrors what the MetaMask wallet is for the Ethereum blockchain. 

In the first quarter of 2022, a Series B funding round was announced, which netted the project $109 million from leading venture capital firms. This came after the wallet reached one million active users, as reported by BeInCrypto on Nov. 7, 2021. 

Phantom Expands for Multichain Support

Fast forward to the said wallet, Phantom laid support to include two rival proof-of-stake blockchains. Namely, Ethereum (ETH) and Polygon, to its desktop, iOS, and Android apps, will roll out the beta version in the next few weeks. Soon after the completion of Beta tests, Phantom’s multichain wallet will launch.

The team highlighted this development in a Nov. 30 tweet: 

While announcing the new tool, Phantom also mentioned that its main goal is bringing cohesion to web 3.0, including non-fungible tokens (NFTs). The project tweeted that its collaboration with the Polygon team will help add some cohesion to NFTs, games, and apps powered by Polygon.

As per the announcement’s details, the upgraded wallet will let users see all holdings and NFTs in one place. Ergo, focusing on its multichain strategy. Meanwhile, Ryan Wyatt, CEO of Polygon Studios, further supported the release. 

Standing out 

NFT holders can ‘manage listings, burn spam, stay updated with helpful push notifications, and showcase their NFTs across all file formats and devices. Further includes viewing NFTs in the browser extension.

One fundamental way Phantom is different is that it shows users’ tokens across all blockchains it supports in one view. This contrasts with MetaMask, which forces users to switch between blockchains to see their different tokens. 

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Shubham Pandey
An engineer and an accountant by degree, Shubham ventured into the crypto world to pursue his passion. He believes digital currencies will redefine our economies in the decades to come, which drove his transition into this industry. Shubham has a multicultural background, having lived across India, Qatar, Oman and Australia. He is currently settled in Melbourne. As a News Writer, Shubham aims to actively analyze trends in the crypto world and break it down for everyday readers.
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