A prominent self-custodian wallet built on the Solana ecosystem, Phantom, intends to expand support for assets on the Ethereum and Polygon blockchains. It was also revealed that the extension will appear early next year.
The new update will appear on the desktop, iOS and Android versions of the Phantom platform.
Aside from the proposed extension, Phantom also revealed plans to launch a special multi-series beta that will become available in the coming weeks. In addition, the company said that the general version of the multi-series will fly before the end of the year.
Moreover, the wallet company is looking to reduce security issues such as hacks and centralized exchange crises that have devastated the industry. Prior to the extension, Phantom worked with Polygon to design an easy-to-use portfolio.
As revealed, Phantom’s multi-chain approach would be careful about NFTs, with an eye toward protecting users from malicious spam drops. Moreover, it will add increased support for displaying multimedia NFTs.
Right now, the wallet has more than three million active users, Phantom reveals.
Current market trends that led to the recent extension?
Phantom has been pushing for more extensions recently due to the waning popularity of centralized exchanges resulting from the collapse of FTX, which has raised concerns about the reliability of centralized entities. This is causing a mass exodus of investors from export swaps for alternative means of securing their assets.
The exodus has led to the popularity of self-guarding wallets like the Phantom. In reaction to current industry trends, Phantom is keen to offer its services to as many users as possible. Phantom asserts that the easy-to-use self-custodial wallet is an ideal alternative to centralized exchanges and other cryptocurrency firms’ custodial user assets.
In addition, the demise of FTX and its sister company, Alameda, affected Solana, causing assets associated with the ecosystem to decline rapidly. Due to the crisis, most Solana developers have started looking for alternatives on other blockchains.
Phantom appears to be no exception, as it has shown its desire to expand into multiple series while keeping the Solana ecosystem as its core business.