With the interesting development of the crypto sector, the Solana-based crypto wallet Phantom successfully integrated Bitcoin, Ordinals, and BRC-20 coins on its platform. Integrating Bitcoin-oriented features on Phantom marked a significant development in the crypto sector.
For years, the crypto ecosystem has experienced cutting-edge developments that seek to support the mainstream adoption of the digital assets. Phantom has joined other market markers to promote the growth of the crypto sector.
Phantom Wallet Vows to Support Development of Bitcoin Ecosystem
A few months ago, the Phantom team integrated decentralized applications (Dapps) and other assets linked to Ethereum and Polygon Network. At that time, the Phantom team noted that the Bitcoin ecosystem had witnessed exponential growth from the beginning of this year.
Based on the crypto growth trajectory, the Phantom team noted that Ordinals, which offers inscriptions of assets with nonfungible token (NFT) characteristics, and Bitcoin-oriented tokens, had stimulated the growth of the world’s largest crypto asset by market capitalization. For the past few months, the use case of Ordinals has increased significantly.
This development positioned the Ordinal protocol as a critical element in the ongoing push for Bitcoin adoption. The Bitcoin ecosystem has been locked out of the NFT, Ethereum, and Solana sectors. The Phantom’s latest development aims to boost the user experience by offering a wide range of crypto assets, including Ordinal and NFT options.
A statement from the chief executive of Phantom, Brandon Millman, revealed that the exciting crypto ecosystem growth has propelled the San Francisco-based self-custody wallet to rank among the premium products. Elsewhere, the Phantom integration of additional Bitcoin and Ordinal features sparked optimism among the crypto community.
BTC Registers an Increase in Price Performance
On X (formerly Twitter), the prominent Bitcoin influencer and co-founder of Taproot Wizards, Udi Wertheimer, admitted that Phantom’s latest development represented the exciting growth of the Bitcoin ecosystem in 2023. Comparing the price movement of Bitcoin from last year, the executive described the performance of BTC in 2022 as a big joke.
Wertheimer revisited the devastating situation that investors faced in 2022 when Bitcoin prices remained unchanged for months. He argued that last year’s bearish price movement of Bitcoin challenged key market players to invest in developing BTC inscription options.
Wertheimer noted that recently, the largest marketplace, including Magic Eden, and leading exchanges such as OKX and Binance, have invested heavily in developing Bitcoin inscription.
Crypto Firms Focus on Bitcoin Development
The crypto influencer noted that Phantom Wallet is among the best Web3-based wallets seeking to support the growth of Bitcoin inscription. Beyond this, Wertheimer admitted that the Phantom team has replicated Taproot Wizard’s latest development.
He confirmed that the Taproot team generated $7.5 million last month from a funding round, which will support the expansion of Ordinal and Bitcoin initiatives. The CEO of Taproot admitted that without Bitcoin, there would be no Solana, Ethereum, or Web3.
Apart from this, the potential gaps in the crypto sector obliged the Phantom team to focus on developing Bitcoin-oriented products.
The executive stated that the multimillion-dollar investment aimed to enable the Taproot team to recruit new talents with vast expertise in the Bitcoin field. In the upcoming recruitment, the Taproot team anticipates hiring suitable candidates to bridge the existing gaps in the crypto sector.
According to the announcement, the newly launched Bitcoin option developed by the Phantom team is undergoing beta testing. The team behind Phantom development anticipates Bitcoin to be compatible with their existing application.
The developers seek to allow the users to seamlessly import the BRC-20 tokens, Bitcoin, and Ordinals to the Phantom platform from other digital wallets.
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