User experience is paramount on crypto wallets, as it is one of the first things new crypto-users face when they arrive. That’s why wallets, like Phantom, focus on features and interface. Since Ethereum’s DeFi (ETH) is sometimes difficult for a beginner to access, it is necessary to create intuitive platforms/tools.
Phantom, the future of multi-chain wallets
Launched in April 2021, Phantom is a non-custodial wallet that can interact with multiple blockchains. It intends to establish itself as the reference wallet for the Solana ecosystem, as MetaMask was able to do with the Ethereum network. Phantom has already received a $500,000 grant from Solana (SOL) and Serum to finish the development of its beta version.
In a few months, the wallet has acquired several tens of thousands of users thanks to its advanced capabilities and ease of use. In order to install Phantom wallet, you just need to add a web extension to your browser. The extension is available on Google Chrome, Brave, Firefox and Edge.
Phantom allows its users to interact with the DeFi ecosystem, with decentralized exchanges (DEX), NFT platforms and the Solana ecosystem. Phantom is one of the first wallets to offer NFT storage. The native integration of a DEX within the wallet also allows users to perform their swaps directly in the wallet.
9 million raised from a16z
On July 14, Phantom announced the closing of its first round of funding. This Series A financing enabled it to raise $9 million with the support of Andreessen Horowitz (a16z). Other venture capital funds that joined the round included Variant and Jump Capital. Other notable investors in the crypto ecosystem include Coumpound, dYdX, the DeFi Alliance and the Solana Foundation.
With these new funds, the project plans to hire new talent and develop new features. In particular, Phantom is hiring software engineers and a senior mobile developer. These new recruits will work on the mobile porting of the portfolio to iOS and Android.
In addition, Phantom plans to include new bridges between blockchains, ETH and SOL stacking, as well as a native integration of fiat currencies via Moopay. Finally, the application plans to integrate support for Ethereum, layer 2 projects and Ethereum-based sidechains.
Eventually, Phantom intends to dethrone MetaMask as the first application that users consult when they want to interact with a decentralized application. In recent weeks, monumental fundraisings have given way to smaller ones, mostly focused on the DeFi ecosystem. This natural trend usually leads to the advent of a bear market where the focus shifts from marketing to development.
