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Solana Wallet Phantom Acquires Bitski
a16z-backed wallet startup Phantom buys a16z-backed wallet startup Bitski.
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Phantom, currently the most popular Solana wallet, just announced its acquisition of web3 wallet platform Bitski.
What's the scoop?
- With the move, Phantom aims to enhance its Solana UX by integrating Bitski's embedded wallet tech, which allows users to sign up via email or social accounts and simplifies the onboarding process for users and developers.
- “We’re not just adding technological expertise, we’re aligning with a team that shares a common vision that users should be able to sign into web3 apps as easily as any web2 app,” Brandon Millman, Phantom CEO, said on the news.
- As part of the acquisition, Bitski's employees, including its co-founders, will join Phantom, doubling its team's size. Current Bitski products are to be sunset, and users will be notified of the next steps.
Bankless take:
Imagine if MetaMask or Rainbow acquired Privy, the embedded wallet solution that’s paved the way for projects like Friend.tech and Fantasy.top to take off in the Ethereum app scene.
Phantom’s acquisition of Bitski is in this ballpark, and in doubling down here, Phantom aims to emulate Privy’s success though with a particular focus on accelerating the Solana app scene. It’s a smart and sensible move, and it puts the wallet in a position to become even more dominant in the Solana ecosystem going forward.