Solana-Based Wallet Phantom Buys Web3 Specialist Bitski

As an experienced financial analyst following the crypto and Web3 space, I see the acquisition of Bitski by Phantom as a strategic move to enhance user experience and streamline onboarding for decentralized applications (dApps) in the Solana ecosystem. The lack of disclosure regarding the financial terms of the deal is not uncommon in such transactions and does not significantly impact my analysis.

Leading crypto wallet Phantom, based in the Solana blockchain, announced on Tuesday that it had acquired Bitski, a browser extension focused on web3 wallets.

According to a press announcement, the Bitski team is set to collaborate with Phantom, bringing about the integration of embedded wallets on the Solana platform. The specific monetary details of this partnership remain undisclosed.

Moving forward, Wu believes that integrated wallets are the preferable choice for decentralized apps over developing their own or relying on unproven solutions. With Bitski’s proficiency in embedded wallets, users won’t have to download a separate app or go through the hassle of adopting a seed phrase. Instead, they can easily sign up with an email and start using the service right away.

Phantom, riding the wave of renewed enthusiasm for Solana, has experienced a significant increase in its user base. Within the past three months, this figure has nearly doubled to reach 7 million monthly active users, according to Wu’s announcement. In early 2022, Phantom secured $109 million in funding at an impressive valuation of $1.2 billion.