Phantom Expands Empire with Third Acquisition in 8 Months

Phantom, one of crypto’s most popular multi-chain wallets, has acquired SimpleHash, a token and blockchain data platform. 

The SimpleHash acquisition comes following Phantom’s Series C raise, which saw firms invest an additional $150M in the company. 

Phantom’s acquisition of SimpleHash marks the wallet’s third buyout in 8 months, signaling Phantom’s intent to rapidly expand the protocol in its quest to become “the world’s best financial platform.

SimpleHash to Bring “Next-Level Data”

On February 26, Phantom announced its acquisition of SimpleHash, a token data platform handling thousands of requests per second from across 80 different blockchains. 

On top of absorbing SimpleHash’s existing talent and technical product, Phantom claims acquisition will help the application provide improved data accuracy and scalability. 

"By bringing on SimpleHash, we’re ensuring that Phantom users have the most accurate and comprehensive token data. SimpleHash unlocks a whole new level of usability for Phantom users." - Brandon Millman, Phantom CEO

According to Phantom, the SimpleHash team’s expertise will be critical in providing real-time market data, automatic metadata updates, and enhanced spam protection helping Phantom users make informed decisions about their assets.

"Joining Phantom allows us to scale our technology and bring even more powerful Token and NFT data to millions of users," said Olly Wilson, co-founder of SimpleHash. "We’re excited to push the boundaries of what's possible for crypto data accessibility." - Olly Wilson, SimpleHash Co-founder.

Phantom’s Rapid Expansion

With its third acquisition in just 8 months, Phantom has been expanding at a relentless pace. 

In November, Phantom acquired Blowfish, a security company offering advanced fraud protection. Prior to the acquisition, Blowfish reportedly prevented over 2.8M scams, protecting over $18B worth of crypto assets.

Several months earlier, Phantom had also acquired Bitski, an embedded wallet operator. Embedded wallets are a useful tool for crypto onboarding, allowing users to create wallets using their Web2 social media accounts and email addresses.

Through these acquisitions, Phantom has streamlined the crypto experience, making it easier for newcomers to get onchain and keep their funds secure. With SimpleHash, users can expect faster, more accurate token data, giving them greater insight into their favorite assets.

Phantom On Track for $600M in Annualized Revenue

Phantom’s shopping spree over the last 8 months has no doubt been aided by recent fundraising efforts. In January, Phantom announced that the protocol had raised an additional $150M in a Series C funding round co-led by Sequoia Capital and Paradigm. Phantom’s latest round brings the company’s total raise to $268M at a $3B valuation.

With the Solana network taking center stage in crypto activity throughout this cycle, the Phantom wallet has transformed into a powerful revenue generator. Based on DefiLlama data, Phantom is projected to hit over $600M in annualized revenue.

Read More on SolanaFloor

Wormhole Settlement to simplify cross-chain liquidity for institutions

Wormhole to Boost Cross-Chain Liquidity Flow at Institutional-Scale

What is a Crypto Wallet?