Phantom pivots to Ethereum and Polygon to become a multi-chain wallet

• The Phantom Wallet recently announced that it is enabling the feature for assets on Ethereum and Polygon
• The portfolio’s multi-chain strategy would focus on NFTs

Phantoma Focused on Solana cryptocurrency wallet, announced that it will move to other channels on November 29. This action follows recent difficulties Solana had had after the disappearance of FTX. Is the FTX collapse were a driving force behind this decision, or were there other influences?

Ethereum and Polygon are now compatible with Phantom

On Tuesday, November 29, the main Solana wallet, Phantom, announcement that it would enable the functionality of assets on the Polygon and Ethereum blockchains.

The company claimed that the perceived need for self-custody prompted it to expand its product to these other prominent blockchains following the FTX crash.

Moreover, he Explain that permission to use on these channels allowed users to access resources from multiple channels in one place. The action was also intended to advance the wallet’s goal of developing into a multi-chain wallet.

Phantom claimed to have worked closely with Solana to create a premium wallet experience and now has over three million users. The company also announced that the multi-channel private beta will begin in the coming weeks, with a public release expected later this year.

A masterstroke?

Phantom’s move coincides with closer scrutiny of one of the larger Ethereum wallets. There has been a lot of criticism lately about the Ethereum-based wallet Metamask due to its revised privacy policy. According to the new privacy policy, users who used Infura on Metamask would have their transaction information and IP addresses stored.

The sudden failure of FTX and Alameda this month, two of the largest ecosystem funders, caused a crash Related to Solana asset prices and baffled blockchain developers on the network.

Phantom’s main goal was to move to a multi-channel network; thus, this development may have only accelerated the process. Non-fungible tokens (NFTs) will be central to Phantom’s multi-chain strategy, with protections against spam dumps and improved support for viewing NFTs that include media.

Phantom’s potential migration to various blockchains would provide users, especially those on the Ethereum blockchain, with a competitive choice. Users would have centralized access to all their assets with the addition of these channels.

The success of this new venture, and the percentage of market it can capture, will depend on the reaction of its target audience.