Crypto wallet provider Phantom has announced the acquisition of SimpleHash, a non-fungible token (NFT) data platform that supports over 80 blockchains. While the financial details of the deal remain undisclosed, Phantom stated that the acquisition aligns with its mission to make cryptocurrency more accessible and user-friendly.
Enhancing Multi-Chain Wallet Usability
SimpleHash contributes to Phantom’s goal by providing a robust token data platform that tracks real-time price movements, NFT metadata, and marketplace activity.
“By bringing on SimpleHash, we’re ensuring that Phantom users have the most accurate and comprehensive token data,” said Phantom CEO Brandon Millman. The acquisition is expected to enhance the usability of Phantom’s multi-chain wallet and improve the overall user experience.
Following the acquisition, the SimpleHash team will integrate into Phantom, and its current standalone services will be phased out. This marks Phantom’s third acquisition in the past year, further strengthening its position in the crypto wallet space.
Strategic Acquisitions to Expand Functionality
Phantom has been actively expanding its capabilities through strategic acquisitions. In May 2024, the company acquired Bitski, an embedded wallet provider that has collaborated with major brands such as Adidas, Major League Soccer, and WWE. Additionally, in November, Phantom acquired fraud protection and Web3 security platform Blowfish, further reinforcing its security infrastructure.
Solana co-founder Raj Gokal praised Phantom’s latest acquisition, emphasizing its potential to simplify onboarding to decentralized applications (dApps) and enhance the Solana ecosystem. “This move is going to make it so much easier for people to onboard to dApps and navigate the Solana ecosystem. Phantom is doing great work to simplify things and improve the overall user experience, and we couldn’t be happier to support their efforts,” Gokal stated.
Phantom’s Growth and Funding
Since its launch in 2021, Phantom has emerged as the leading wallet in the Solana ecosystem. The company recently raised $150 million in its Series C funding round, co-led by Sequoia Capital and Paradigm, at a $3 billion valuation. Other backers included a16z crypto and Variant, with the funds dedicated to building a comprehensive finance platform.
With its latest acquisition of SimpleHash, Phantom continues to solidify its position as a key player in the crypto wallet space, offering users enhanced data capabilities and a more seamless experience navigating the decentralized world.
