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Phantom is a non-custodial multi-chain cryptocurrency wallet developed by Phantom Technologies, giving users full control over their private keys and assets. It supports storing, sending, and receiving cryptocurrencies and NFTs across multiple blockchain networks, including Solana, Ethereum, Bitcoin, Polygon, Base, and Sui. Key features include in-app token swaps, cross-chain bridging, SOL staking, dApp connectivity, NFT management, as well as integrated perpetual futures trading and prediction markets. The wallet incorporates security features such as transaction previews, phishing site blocking, and spam NFT filtering, and supports Ledger hardware wallets for offline signing.
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About Phantom
Phantom is a self-custodial crypto wallet originally built for Solana, now supporting eight chains including Ethereum, Bitcoin, Polygon, Base, Sui, Monad, and HyperEVM. Its core business covers token swaps, staking, NFT management, perpetual futures trading, a native stablecoin (CASH), and a debit card (Phantom Cash) for spending crypto in daily life.
Its main competitive edge lies in deep Solana integration and a mobile-first, beginner-friendly interface. It simplifies onboarding with email login, biometric authentication, and encrypted cloud backup, lowering the barrier for new users. The wallet also aggregates liquidity for swaps and offers integrated tools like Hyperliquid-based perps and Kalshi prediction markets.
Key pain points it addresses: fragmented multi-chain management (one interface for multiple networks), complex seed phrase backup (alternative recovery options), and the gap between crypto assets and everyday spending (via CASH stablecoin and debit card).
In the past six months (Feb–Aug 2026), Phantom made several notable moves. It launched the CASH stablecoin in September 2025, which quickly surpassed $100 million in supply, and introduced the Phantom Cash debit card in the US in December 2025, supporting Apple Pay and Google Pay. It also added a prediction market platform powered by Kalshi and released the Phantom Connect SDK for developers. However, the wallet discontinued support for Sui (September 24, 2026) and Monad (August 26, 2026), citing a focus on core networks. Its in-wallet swap market share dropped from nearly 10% to 0.5% during the year, facing intense competition from exchange-backed wallets. As a hot wallet, users remain exposed to phishing and malicious authorization risks, and perps trading (up to 40x leverage) carries high liquidation risk.
Phantom launched in April 2021, becoming the preferred wallet for the Solana ecosystem. In July 2021, it secured a $9M Series A led by a16z; in January 2022, Paradigm led a $109M Series B at a $1.2B valuation; and in early 2025, Paradigm and Sequoia co-led a $150M round, pushing its valuation to $3B.
Product-wise, Phantom expanded from Solana-only to multi-chain, supporting Ethereum, Polygon, Bitcoin, Base, and Sui. In 2025, it introduced several long-term innovations: an MCP server enabling AI-driven autonomous transaction signing and token transfers; a prediction market opened to eligible users; the Phantom Connect SDK for unified account identification across dApps; and the announcement of the social feature Phantom Chat.
Strategically, Phantom ceased supporting Monad in August 2025 to focus on its core ecosystem, and submitted a joint statement with the Hyperliquid Policy Center to the U.S. CFTC, exploring compliance pathways.
Key developments:
- Received CFTC no-action relief (Mar 2026): Phantom can act as a non-custodial interface to regulated derivatives markets without broker registration, with users placing orders directly with registered exchanges.
- Launched a Visa debit card (Mar 2026): Backed by its CASH stablecoin, supporting ACH deposits/withdrawals for US users and spending wherever Visa is accepted.
- Hired the Ventuals team (Jun 2026): The team behind a Hyperliquid perps market exceeding $1B annualized volume, signaling Phantom's move to build its own perpetuals trading business.
- CEO confirmed no IPO or proprietary chain plans, focusing on Solana ecosystem and consumer products.
Future focus:
- Deepen Solana ecosystem with stablecoin financial products (Phantom Cash) and a trading terminal (Phantom Terminal).
- Leverage CFTC relief to integrate regulated derivatives and event contracts in-app.
- Build in-house perps markets, transitioning from routing external venues to operating its own venue to capture full trade economics.
Phantom is a leading crypto wallet. The founding team and key executives include:
Francesco Agosti: Co-founder & CTO. Previously Tech Lead and Senior Engineer at 0x, and earlier at Yelp. Studied Computer Science at Duke University.
Brandon Millman: Co-founder & CEO. Previously Engineering Manager/Tech Lead at 0x, Senior Engineer at Twitter, and intern at Zynga. Studied Electrical and Computer Engineering at Duke University.
Chris Kalani: Co-founder & CPO. (Detailed public resume not available in provided sources.)
Patrick Tescher: Chief Software Engineer. (Detailed public resume not available in provided sources.)
Sam Rosenblum: VP of Operations. Previously Partner at Haun Ventures and Polychain Capital, and Director of Business Development at Coinbase.
Phantom recently saw key team changes. In June 2026, Ventuals co-founders Alvin Hsia (Product) and Aris Samad (Staff Software Engineer) joined, bringing expertise from building a Hyperliquid-based perps platform with over $1B in annualized volume. Concurrently, several executives departed: Head of BD Emre Tekişalp (Dec 2025–Jul 2026), VP Strategy Donnie Dinch (May 2024–Aug 2026), and Head of Growth David Wu (Jan 2022–Aug 2026). This signals a strategic push into trading and data.