Crypto wallet: The Phantom threat looming over Metamask

Towards a (r) evolution of Phantom? – User experience is essential on crypto wallets, because it is one of the the first things new crypto-users face upon their arrival. This is why wallets, like Phantom, emphasize functionality and interface. Since Ethereum’s DeFi (ETH) is sometimes difficult to access for a beginner, it is necessary to create intuitive platforms / tools.

Phantom, the future of multi-chain wallets

Launched in April 2021, Phantom is a wallet non custodial allowing to interact with several blockchains. It intends to establish itself as the reference wallet for the Solana ecosystem, as has been able to do MetaMask with the Ethereum network. Phantom has already received a grant from 500 000 dollars from Solana (SOL) et Serum in order to finish the development of its beta version.

Swap interface integrated into Phantom portfolios – Source: Phantom

In a few months, the portfolio has acquired several tens of thousands of users thanks to its advanced capabilities and ease of use. In order to install Phantom wallet, just add a extension web to his browser. The extension is available on Google Chrome, Brave, Firefox and Edge.

Phantom allows its users to interact with the ecosystem of the DeFi, with the decentralized exchanges (DEX), the platforms of NFT and theSolana ecosystem. Phantom is one of the first wallets to offer the NFT storage. The native integration of a DEX within the wallet also allows users to carry out their swaps directly in the wallet.

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$ 9 million raised from a16z

On July 14, Phantom announced the closure of its first round of funding. This Series A financing enabled it to raise $ 9 million with the support ofAndreessen Horowitz (a16z). Other venture capital funds have joined the round, such as Variant and Jump Capital. Other notable investors in the crypto ecosystem include Coumpound, dYdX, the DeFi Alliance, and the Solana Foundation.

With these new funds, the project plans tohire new talent and develop new features. Phantom is notably recruiting software engineers and a senior mobile developer. These new recruits will work in particular on mobile porting of the wallet on iOS and Android.

In addition, Phantom intends to include new bridges between blockchains, the stacking of ETH and SOL, as well as a native integration of fiats currencies via Moopay. Finally, the application intends to integrate Ethereum support, second layer projects (layer 2) and Ethereum-based sidechains.

Ultimately, Phantom intends to dethrone MetaMask by being the first application that users consult when they want to interact with a decentralized application. In recent weeks, monumental fundraising has given way to more modest fundraising mainly focused on the DeFi ecosystem. This natural tendency generally induces the advent of a bear market where the focus shifts from marketing to development.

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