Phantom, Solana’s leading wallet, acquires Web3 specialist Bitski to boost its Web3 capabilities, simplifying user onboarding.
User experience has long been one of the focal points of crypto innovation in a sector often seen as difficult to get into. To make this experience as seamless as possible, Solana-based Phantom Wallet has acquired Bitski, a Web3 browser extension.
This acquisition aims to simplify the onboarding process for users and developers, making it easier to interact with decentralized applications (dApps) on the Solana blockchain.
Why Phantom Acquired Bitski
On Thursday, May 21, Phantom, the leading Solana crypto wallet, announced its acquisition of Bitski at a time when the demand for user-friendly decentralized applications is reaching a peak.
Although the deal’s financial terms were not revealed, the teams have shared some of their plans for the future.
Phantom, which has seen its user base double to 7 million monthly active users in the last three months, aims to integrate Bitski’s browser extension into its wallet.
The aim is to simplify the user onboarding process and enhance the overall user experience.
Critically, Bitski allows users to create wallets with just an email address. This bypasses the need for managing phrases and private keys, which can be complicated for new users. Critically, Bitski encrypts these keys and claims they cannot access them.
Its technology also enables developers to integrate wallet functionality directly into their applications. Therefore, the app enables users to interact with decentralized applications (dApps) without leaving the app.
Due to these functionalities, Bitski has been a significant player in the non-fungible token (NFT) space. NFTs are among the most complex assets for users to manage, which has been a significant barrier to their adoption.
What Phantom Will Do with Bitski
According to Bitski, the acquisition means that its products, including the Bitski wallet, will be soon phased out.
Users who created the Bitski Wallet can obtain their private keys starting on May 27 and gain self-custody of their wallets. However, they have announced the building of a new product with Phantom.
While Bitski and Phantom have not yet revealed the details about the product, they are planning to launch. However, they revealed that the Bitski team would be working on bringing embedded wallets to Solana.
These wallets are directly integrated into decentralized applications (dApps), allowing users to interact with them without switching apps.
By embedding wallet functionalities directly into dApps, users can perform transactions and manage their assets without leaving the application. David Wu from Phantom highlighted that this approach makes decentralized applications more practical and trustworthy.
Embedded applications also contribute to a better user experience, which has the potential to drive the adoption of crypto and Web3 applications.
Recently, Phantom reached the third place in the App Store utility category, thanks to the hype around a Solana-based Telegram app.
Amid higher adoption, Solana has been struggling with network congestion issues, causing major transaction failures.
By simplifying the onboarding process and integrating advanced wallet functionalities, Phantom is making it easier for new users to enter the crypto space and engage with decentralized applications.
This could potentially lead to a surge in user adoption and increased activity on the Solana network.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.