Phantom, a cryptocurrency wallet for users of the Solana blockchain, has made the announcement that it will begin public support for the Ethereum and Polygon blockchains on May 1 at 9 in the morning Eastern Standard Time (EST) across browsers, iOS, and Android.
The first quarter of 2023 was the original target date for the addition of support for the two new blockchains, but that target date has been moved back. The multichain integration will be available to all 3 million of Phantom’s customers, according to Brandon Millman, CEO and co-founder of the company Phantom.
In addition, Phantom did not release these additional features until well over a year after it had raised an additional $109 million at a valuation of $1.2 billion in January 2022. The funding round was led by Paradigm and included other investors such as Andreessen Horowitz, Jump Capital, and Solana among others.
Users are able to trade assets across decentralized applications (dApps) such as Uniswap and Aave and non-fungible token (NFT) markets such as Blur and OpenSea when using Phantom wallet because it supports Ethereum and Polygon. To facilitate the importation of user assets, support has been added for the MetaMask, Solana, and Ethereum Virtual Machine (EVM) wallets.
In addition, wallet owners can now trade, keep, and interact across all three blockchains (instead of just one), making Phantom accessible to a larger pool of cryptocurrency users in addition to the millions of users it already has from the Solana ecosystem.
It is crucial that Phantom has made the decision to open up to other blockchains because there is a growing possibility of a multichain future and the possibility that other major players (such as MetaMask) may follow suit. Phantom’s decision to open up to other blockchains was made for two reasons.
Phantom’s new feature may also make it easier for users of different projects, including dApps and others, to communicate with each other across chains.
Compiled by Coinbold