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- The integration of the two new blockchains was initially scheduled for Q1 of 2023.
- Users can now exchange assets across decentralized applications (dApps) such as Uniswap.
Phantom, a cryptocurrency wallet designed for users of the Solana blockchain, has revealed that it will officially support the Ethereum and Polygon blockchains starting May 1 at 9 a.m. EST on browsers, iOS, and Android platforms.
The integration of the two new blockchains was initially scheduled for Q1 of 2023, but that timeline has been extended. Brandon Millman, CEO and co-founder of Phantom, stated that the company’s 3 million users would gain access to the multichain functionality.
Additionally, after securing $109 million at a valuation of $1.2 billion in January 2022, Phantom has introduced these new features more than a year later. The funding round was led by Paradigm, with participation from Andreessen Horowitz, Jump Capital, Solana, and others.
Banking on Multichain Growth
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With the addition of Ethereum and Polygon support in the Phantom wallet, users can trade assets across decentralized applications (dApps) like Uniswap and Aave, as well as NFT marketplaces such as Blur and OpenSea. MetaMask, Solana, and Ethereum Virtual Machine (EVM) wallets are now compatible for importing user assets.
Moreover, wallet holders can now trade, store, and interact across all three blockchains (rather than just one), broadening Phantom’s accessibility to a larger audience of crypto users beyond the millions currently engaged in the Solana ecosystem.
It is significant that Phantom has chosen to expand to other blockchains in light of the increasing potential for a multichain future and the likelihood that other major players (like MetaMask) may adopt similar strategies.
Phantom’s new functionality may also enhance cross-chain communication between dApps and other projects along with their users.
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