This move could bring more users to Phantom's wallet services.
Coinbase introduced Base in February 2023
Photo Credit: Unsplash/ PiggyBank
Multi-chain crypto wallet Phantom is broadening its blockchain support. In a recent move, the wallet has launched its services on the Base network, a layer-2 solution built on Ethereum and managed by Coinbase. This integration allows developers and members of the Web3 community within the Base ecosystem to access Phantom's asset custody and transfer services. Founded in 2021, Phantom already supports other networks, including Solana and Polygon.
Phantom confirmed the development on X earlier this week. As per the company, customers will now be able to swap Base and Solana tokens, abd purchase ETH and USDC on the Base network from within their wallets via cards, Coinbase, or Apple Pay.
In addition, this ecosystem expansion brings more DeFi and NFT apps to the Base and Phantom community members.
Coinbase introduced Base in February 2023 advertising it as a blockchain network offering ‘big features and small fees'. On its official website, Base claims its community is spread across 190 nations. As per reports Base is the largest L-2 network in terms of total value locked – which as per CoinGecko currently stands at $3.33 billion (roughly Rs. 28,116 crore).
The expansion of Phantom on Base is likely to add more users to its wallet services. Earlier in February 2024, Phantom CEO and co-founder Brandon Millman told TechCrunch that the wallet service exceeded three million monthly active users – clocking a 220 percent surge from 2023.
Recognising the need for enhanced security, Phantom is focused on strengthening its internal safety measures to better protect its systems. The platform recently acquired Blowfish, a safety platform bringing advanced fraud protection to crypto users.
As more individuals venture into the crypto space, particularly with the advent of crypto ETFs, the demand for multi-chain wallets within the Web3 community has surged. Unlike single-chain wallets that support only one cryptocurrency, multi-chain wallets allow users to store multiple cryptocurrencies, offering greater convenience for those navigating various blockchains for different purposes. Popular multi-chain wallets like MetaMask, Trust Wallet, and Ledger join Phantom in meeting this growing demand.
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