Phantom's CEO advocated for Regulation Compliance and Multichain Adoption
The CEO of Phantom Wallet Brandon Millman recently shared his views on how wallets are successfully adapting to the changing nature of the cryptocurrency space.
- CEO of Phantom Wallet Brandon Millman recently shared his views on how wallets are becoming more adaptive
- Millman emphasized that projects also need to be compliant with the requirements.
However, as the crypto world evolves and moves towards the use of multiple blockchains (multichain) the wallets may need to use them to operate as well. Millman also talked about his thoughts on airdrops for wallet applications, and regulations. He also explained what position a multichain landscape holds in the crypto world.
According to him, wallets have great significance and are considered crucial for onboarding users into the cryptocurrency world. Having said that he told that this feature is what attracted him to create a crypto wallet in the first place.
Initially, the Phantom Wallet started as a Solana-designated wallet. Now in order to keep up with the evolving industry their team is now advocating for the adoption of multichain wallets.
Phantom Wallet CEO Brandon Millman suggests that with the evolving crypto system the wallet needs to adapt to the multichain nature of the space as well. However, wallets need to overcome there are some technical hurdles. This is to support multiple networks, such as different methods for deriving keys. And also for the system to manage multiple nodes on the backend.
Millman also cleared the air on the recent speculation about the possible airdrops to decentralize operations on the wallets. He said that Phantom has no shot-to-medium-term plans to support a token.
The CEO believes that the cost to add these airdrops to the system is not worth it. This does not even lead to the desired impact. As can be assumed from Uniswap’s airdrop which did not make much difference in the long term.
Furthermore, Millman emphasized concerns related to the regulation of the crypto space. As it is an issue that cannot be ignored, not even by self-custody wallets. The projects also need to be compliant with the requirements.