Crypto wallet Phantom integrates with Bitcoin, Ordinals, BRC-20 tokens

og – phantom.app

Crypto wallet Phantom has announced its expansion to include compatibility with Bitcoin, Ordinals and BRC-20 tokens.

“Introducing: ₿itcoin on Phantom. You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC-20 tokens with your favorite multichain wallet,” said Phantom in a social media post.

Phantom emphasized itself as a wallet that includes Solana, Ethereum and Bitcoin features within a single platform. It highlighted the ability to grow consumers’ SOL/ETH/BTC holdings, collect NFTs and Ordinals and manage multi-chain portfolios easily on the go.

Phantom also expanded its services beyond Solana to include decentralized apps (dApps) and assets on Ethereum and Polygon scaling networks. In 2023, Bitcoin’s ecosystem grew significantly due to the introduction of the Ordinals protocol. This protocol allows the creation of Bitcoin-based tokens and the inclusion of NFT-like assets through inscriptions.

“As crypto continues to go multi-chain, our wallet stands out as the premier choice for users,” Phantom CEO Brandon Millman said.

“We believe that the future of digital asset management lies in cross-chain interoperability,”

Brandon Millman, Phantom CEO.

Bitcoin influencer Udi Wertheimer, co-founder of Taproot Wizards project, said in a social media post that Phantom’s move signifies a substantial validation of Bitcoin’s progress this year.

“This is an emotional moment for me,” Wertheimer wrote. “Last year, in 2022, Bitcoin was a joke. The stagnant uncle of crypto. ‘Nothing to see here’ was the sentiment across the industry.”

He also emphasized that with the integration of Bitcoin, Phantom has become a leading platform among marketplaces and exchanges engaged in Bitcoin inscriptions, alongside Magic Eden, OKX and Binance.

Phantom’s beta version now supports Bitcoin. Any Phantom wallet holder can enable Bitcoin compatibility in their app settings. They can import BTC, Ordinals and BRC-20 tokens from their existing Bitcoin wallet onto the platform.

Wallets must adapt to multichain environments, Millman says

In April, Millman discussed how wallets are adjusting to the diverse nature of the cryptocurrency. He shared insights about topics like airdrops for wallet apps, regulations and how a multichain environment impacts adoption.

Millman highlighted the evolving nature of the ecosystem, stressing that wallet apps must adjust to the diverse multichain environment in the cryptocurrency space. Millman noted technical challenges in transitioning wallets designed for one chain to support other networks. He outlined two main issues, including variations in derivation methods across chains and the necessity to establish a system capable of handling multiple nodes on the backend.

Millman revealed in April that Phantom currently has no immediate plans for a token in the short to medium term. He explained that the expenses involved in using airdrops to lure users are not justifiable and do not generate the intended impact. Additionally, he pointed out that the airdrop conducted by Uniswap did not create a significant long-term impact.

Additionally, he stressed that regulatory concerns in crypto affect self-custody wallets, requiring constant vigilance from projects to stay compliant.

Before joining Phantom, Millman gained experience developing decentralized tools. He contributed to creating Matcha.xyz, a decentralized exchange aggregator on Ethereum, and also worked on developing 0x APIs used by various aggregators. He emphasized that the pivotal role wallets have in introducing users to the cryptocurrency space was what drew him to build a wallet application.

Phantom initially began as a wallet exclusively for Solana because the team had confidence in its potential for significant growth. Millman emphasized that their belief was validated as the network showed growth in both 2021 and 2022, and it continues to perform well despite the bear market.