Phantom, the non-custodial crypto wallet for decentralized finance and non-fungible tokens on Solana, has announced its acquisition of web3 security platform Blowfish.

The Solana (SOL) based cryptocurrency wallet disclosed the transaction on Nov. 19, noting in a blog post that the move aims to bolster security for wallet users. Blowfish’s team, known for protecting users and assets by alerting against scams and fraud, will join Phantom.

According to Phantom, acquiring Blowfish is a key step in combating harmful decentralized applications and bugs. The wallet has recently faced downtime and a buggy update, which affected user experience and safety.

Commenting on Blowfish’s role in enhancing user security, Phantom chief executive officer Brandon Millman stated:

“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.”

Blowfish has reportedly prevented over 2.8 million scams and scanned more than 1.3 billion transactions, securing assets worth over $18 billion. This capability will now be integrated into Phantom, with Blowfish’s current service being sunset.

In June this year, a fake Phantom wallet pushed on the Apple App Store saw unsuspecting users lose assets.

On Nov. 13, a buggy update caused some iOS users to be locked out of their accounts. The glitch introduced a bug that reset wallets and added a prompt for users to log in again with their recovery phrases. Several users reported losing funds, including one who claimed a $600,000 loss.

It’s important to note that Phantom is a non-custodial wallet and does not access user funds or store recovery phrases.

Separately, digital asset custody and wallet infrastructure platform Fireblocks recently launched a non-custodial wallet-as-a-service solution aimed at advancing security for user assets across the industry.

Zodia Custody, a leading digital asset custodian backed by Standard Chartered, has launched its latest product, Unified Wallets today. The product focuses on boosting operational efficiency for institutional clients. Notably, this move comes as the firm partners with Galaxy Digital to expand its custody solutions.

Meanwhile, the new wallet feature allows institutions to pool assets and streamline transactions without compromising security, making it a game-changer for digital asset managers.

Standard Chartered Backed Zodia Custody Launches Wallet

Zodia Custody’s Unified Wallets offer a significant leap in digital asset management. The new solution allows institutions and fund managers to pool funds from various clients into individual wallets, simplifying transaction processing.

Notably, this innovation reduces costs, ensures smooth transfers, and enhances operational efficiency for businesses dealing with digital assets. By partnering with financial institutions like Galaxy Digital, the firm positions itself as a leader in the institutional digital asset space.

Meanwhile, the Unified Wallets system allows businesses to track deposits in real time and quickly withdraw assets from a cold wallet, all without sacrificing control or security. Zodia’s CEO Julian Sawyer emphasized this, stating that Unified Wallets combine the flexibility of omnibus wallets with the security of segregated assets, making it ideal for optimizing operations in the digital asset sector.

It’s worth noting that Galaxy Digital is the first to implement this feature, marking a milestone in Zodia Custody’s expansion into more sophisticated digital asset management. Andrew Taubman, Deputy Chief Operations Officer at Galaxy, praised the partnership, noting that the firm’s approach enhances their trading operations while maintaining top-tier security.

Strengthening Partnership With Galaxy Digital

Zodia Custody’s partnership with Galaxy Digital showcases its dedication to delivering secure and scalable solutions for institutional investors. As institutional engagement with digital assets grows, custodians like the firm need to offer solutions that balance operational efficiency with strong security measures.

The company’s clients like Galaxy, can now enjoy the benefits of the Unified Wallets alongside Zodia’s other offerings, such as the unique Interchange service. This feature allows sophisticated investors to choose their preferred trading venues while benefiting from off-venue settlement for market makers and OTC desks.

In addition, this enhances the flexibility of trading and settlement processes, providing clients with more control over their assets. Sawyer believes the growing adoption of Zodia Custody’s solutions reflects the strength of the platform. Besides, it also gained notable traction as investors often look for the top crypto wallets to safely keep their holdings.

He stressed that the company’s products are designed to meet the unique needs of digital asset businesses, providing the flexibility, security, and operational ease that today’s institutional investors demand.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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