Phantom has acquired the web3 security platform Blowfish, the non-custodial cryptocurrency wallet for decentralized finance and non-fungible tokens on Solana.Â
The cryptocurrency wallet, which is situated in Solana, revealed the transaction on November 19 and stated in a blog post that the measure is intended to increase wallet customers’ security.
The Blowfish team, renowned for safeguarding assets and users by warning of fraud and scams, will join Phantom.
Phantom claims that purchasing Blowfish is an important step in the fight against malicious decentralized apps and bugs.
Recently, the wallet experienced outages and a bug update that compromised user safety and experience.
Regarding Blowfish’s contribution to improving user security, Brandon Millman, CEO of Phantom, said:Â
With their help, we’re going to offer the most secure and user-friendly platform to access, and interact with, apps, tokens, and collectibles across all devices.”
According to reports, Blowfish has scanned over 1.3 billion transactions and stopped over 2.8 million scams, protecting assets valued at over $18 billion.
Now that Blowfish’s service is ending, this feature will be incorporated into Phantom. Unaware consumers lost assets in June of this year due to a phony Phantom wallet that was promoted on the Apple App Store.
Some iOS users were locked out of their accounts on November 13 due to a bug update. The malfunction introduced a bug that reset wallets and inserted a prompt asking users to check in again using their recovery phrases.
A number of customers reported losing money; one of them claimed to have lost $600,000. It is crucial to remember that Phantom is a non-custodial wallet that neither stores recovery phrases nor has access to user cash.
Digital asset custody and wallet infrastructure platform Fireblocks recently introduced a non-custodial wallet-as-a-service solution to improve user asset security throughout the sector.
