[Solana-based wallet Phantom acquires Web3 Specialist Bitski]
Leading crypto wallet Phantom has acquired Web3-focused browser extension wallet Bitski, the company announced on Tuesday.
The Bitski team will join Phantom and bring embedded wallet technology to Solana, according to a press release. Financial terms of the deal were not disclosed.
During the recent non-fungible token (NFT) craze, Bitski enthusiastically supported mainstream expansion of the Web3 ecosystem and solved usability challenges on mobile devices. Embedded wallets address some barriers to adoption, said David Wu, Phantom’s head of growth.
“We believe embedded wallets are suitable for decentralized applications, rather than being forced to build your own or use less trusted companies or experimental products,” Wu said in the interview. “With Bitski’s expertise, getting started is much easier. Users don’t need to download a separate app or use a seed phrase, just sign up with an email and get started immediately.”
Driven by renewed interest in Solana, Phantom's user base has doubled in the past three months to 7 million monthly active users, Wu said. In early 2022, Phantom raised $109 million at a $1.2 billion valuation.
