tl;dr
Phantom, a leading crypto wallet in the Solana ecosystem, has acquired Bitski, a Web3-focused browser extension wallet. The deal aims to bring embedded wallets to Solana, allowing users to onboard by signing up with an email. The financial terms of the acquisition were not disclosed. The move aligns...
Phantom, a prominent crypto wallet within the Solana ecosystem, has acquired Bitski, a Web3-focused browser extension wallet, with the goal of integrating embedded wallet technology into Solana. This acquisition aims to streamline user onboarding by enabling email sign-ups. Although the financial details of the acquisition remain undisclosed, the move reflects Phantom's commitment to enhancing accessibility and user-friendliness for decentralized applications, leveraging Bitski's expertise in embedded wallets. This strategic acquisition coincides with Phantom's significant growth, witnessing its user base double to 7 million monthly active users within the last three months, alongside securing a $109 million investment at a $1.2 billion valuation in early 2022.
Bitski's embedded wallet technology facilitates seamless onboarding processes through email registration, steering away from the complexities of downloading separate mobile apps and memorizing seed phrases. According to David Wu, Phantom's head of growth, embedded wallets present an intuitive solution for decentralized applications, addressing usability challenges and capitalizing on the burgeoning interest in Solana. The surge in non-fungible token (NFT) activities, backed by Bitski, has propelled the expansion of the Web3 ecosystem, particularly in reaching mainstream users and addressing usability challenges, especially on mobile devices. With embedded wallets, adoption hurdles are mitigated, offering a more straightforward onboarding experience for users.