What Phantom does

Phantom Technologies, Inc. is a San Francisco-based (fully remote) private company that operates a self-custodial multi-chain cryptocurrency wallet serving approximately 22 million users as of 2025. The platform supports Bitcoin, Ethereum, Solana, Base, Polygon, and Sui within a single interface, enabling users to buy, sell, swap tokens, access DeFi protocols, trade perpetual futures and prediction markets, and transact in stablecoins. Founded in January 2021, Phantom expanded from a Solana-focused wallet into a multi-chain digital asset hub, with notable product lines including Phantom Cash (CASH USD-pegged stablecoin issued via Stripe's Open Issuance and Bridge), Phantom Card (Visa prepaid debit card), Phantom Terminal (desktop trading), Embedded Wallets SDK (developer integration), and integrated prediction markets (World, Kalshi) and perpetual futures (Hyperliquid).

The underlying technology combines self-custodial key management with multi-chain interoperability, hardware wallet (Ledger) integration, and third-party security infrastructure (Blowfish API for scam detection). Phantom has invested in regulatory positioning, receiving CFTC No-Action Letter No. 26-09 in March 2026, the first formal CFTC relief granted to a non-custodial wallet, enabling derivatives access without broker registration.

Phantom's business model is product-led and consumer-facing. The wallet is free to download and use, with revenue generated through transaction-based streams: swap fees embedded in market maker quotes, partner fee sharing with searchers and validators, market maker fees via the Swapper interface, CASH stablecoin economics (yield from reserves and transaction fees), and prediction market fees. Revenue reached $320 million in 2025, representing 60% year-over-year growth, across a customer base that is distributed across retail crypto users, Web3 developers (via the SDK), stablecoin adopters, and prediction market traders. The company has raised approximately $268M across three funding rounds, with a $3 billion post-money valuation following the January 2025 Series C co-led by Sequoia Capital and Paradigm.

Name

Phantom

Legal name

Phantom Technologies, Inc.

Website

https://phantom.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Phantom is a self-custodial multi-chain cryptocurrency wallet serving 22 million users across Solana, Bitcoin, Ethereum, Base, Polygon, and Sui, generating $320M revenue from swap fees, partner arrangements, CASH stablecoin economics, and prediction market integrations.

Ownership category

akta.pro rank

Product category

Cryptocurrency Wallet

NAICS

Other Financial Vehicles (525990)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

akta.pro secondary industries

Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), OTC Spot Trading & Block Execution (FSADAJAB)

Keywords

• Cryptocurrency wallet
• Self-custodial wallet
• Stablecoin payments
• Prediction markets
• Perpetual futures

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trading/Swap Fees: Phantom earns revenue from in-wallet token swaps executed through market makers and third-party exchanges, with fees embedded in swap rates and prices
2. Partner Fee Sharing: Revenue sharing arrangements with searchers, validators, and partners who bundle and submit user transactions; fees from price movements, arbitrage, priority execution, and fulfillment of limit orders
3. Market Maker Fees: Phantom receives fees from market makers who submit quotes via the Swapper interface when users execute transactions
4. CASH Stablecoin Revenue: Revenue generated through Phantom's CASH stablecoin including potential yield from reserves and transaction fees
5. Prediction Market Fees: Fees from World Prediction Markets integration where Phantom serves as frontend while World handles order routing and settlement

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Phantom is a multi-chain self-custodial cryptocurrency wallet that started on Solana and has expanded into a consumer crypto platform supporting asset storage, token swaps, prediction markets, perpetual futures, and stablecoin-based payments. Users can buy, sell, swap, and store crypto across multiple blockchains through a single interface, and can also deploy the Phantom Embedded Wallets SDK in third-party applications.

Product overview

Phantom is a multi-chain self-custodial cryptocurrency wallet that has evolved from a Solana-focused application into a unified consumer finance platform. The core offering is the Phantom Wallet, which provides token swapping, perpetual futures trading, prediction markets, and social features. Key products include Phantom Cash (featuring the CASH stablecoin issued via Stripe's Open Issuance for payments and Visa debit card spending), integrated Prediction Markets (powered by World and Chainlink for on-chain event contracts), Perpetual Futures (including Korean stock derivatives and Hyperliquid integration), the Embedded Wallets SDK for developer integration, and Phantom Terminal for professional desktop trading. The platform serves approximately 20 million users across Solana, Ethereum, Bitcoin, Base, Polygon, and Sui blockchain networks.

Differentiator

Problem solved

Functional benefit

Brands

• Phantom Cash (CASH): Phantom's own stablecoin issued via Stripe's Open Issuance platform, used for on-chain settlement and prediction market transactions
• Phantom Wallet
• Phantom Terminal

Products and services

• Phantom Multi-Chain Wallet Self-custodial multi-chain cryptocurrency wallet available on iOS, Android, and as a browser extension, supporting Solana, Ethereum, Base, Sui, Polygon, Bitcoin, and Hyperliquid. Designed for individual crypto users to store, send, receive, and manage digital assets.
• Token Swap In-wallet token swap functionality allowing users to exchange one cryptocurrency for another across supported chains, routing orders through integrated DEXs and aggregators.
• Phantom Terminal Desktop trading terminal providing an advanced interface for executing trades and managing positions on Phantom's integrated perpetuals and prediction markets.
• Perpetual Futures Leveraged perpetual futures trading on cryptocurrencies, including US-regulated offerings such as Korean stock perpetuals. Targets active retail traders seeking derivatives exposure via the wallet interface.
• Prediction Markets Trading of event-based prediction market contracts (e.g., elections, sports) integrated through partner venues such as Kalshi and World. Targets retail users interested in event outcome trading.
• Phantom Cash (CASH Stablecoin) US dollar-pegged stablecoin issued via Stripe's Open Issuance program that enables users to fund their Phantom wallets, transfer value, and make stablecoin payments. Includes a yield-bearing option (CASH Plus).
• Phantom Card Prepaid Visa debit card enabling users to spend their crypto and stablecoin balances at any Visa-accepting merchant. Issued in partnership with Bridge and Stripe.
• Embedded Wallets SDK Developer SDK that allows third-party applications to embed Phantom's self-custodial wallet infrastructure, including key management, authentication, and transaction signing, into their own products.
• CASH Plus Yield-bearing variant of the CASH stablecoin that distributes returns to users holding the asset inside Phantom.

Quantifiable outcome

• 60% revenue growth to $320 million in 2025
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration22 records

Feature12 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• WorldcoreTechnology or Integration · 1 July 2026World, a Solana-native on-chain prediction market, launched directly in Phantom wallet on July 1, 2026, giving Phantom's ~20 million users access to peer-to-peer forecasting on Bitcoin price movements and 2026 World Cup outcomes. Uses Chainlink oracle infrastructure and Phantom's CASH stablecoin for settlement. Positions Phantom as a broader financial hub.
• Ventuals TeamcoreOthers · 1 July 2026Three core members of Ventuals, the Hyperliquid ecosystem perpetual contract platform, joined Phantom in early July 2026. The team previously co-created Ventuals' trading product with annualized trading volume exceeding $1 billion, bringing expertise in HIP-3 markets and perpetual liquidity design to accelerate Phantom's open market strategy.
• ChainlinkcoreTechnology or Integration · 1 July 2026Chainlink serves as the primary oracle infrastructure for World Prediction Markets on Solana, providing tamper-proof data feeds and automated market resolution for instant settlement. World launched with Chainlink Data Streams for automated outcome resolution.
• HyperliquidcoreTechnology or Integration · 30 June 2026Phantom integrated with Hyperliquid ecosystem and became the largest distribution partner, having processed over $37 billion in perpetual volume by mid-2026. The partnership enables Phantom users to access Hyperliquid's decentralized perpetual futures trading platform.
• MoonPaycoreTechnology or Integration · 11 June 2026MoonPay announced support for CASH, Phantom's USD-pegged stablecoin, enabling users to buy and sell CASH using debit/credit cards, bank transfers, Apple Pay, and Google Pay. Integration is live across MoonPay's partner network spanning 160+ countries, making CASH available through any wallet, neobank, or app powered by MoonPay.
• VisacoreChannel Partner/ Reseller/ Distributor · 3 March 2026Visa expanded its partnership with Stripe's Bridge to launch stablecoin-backed cards in 100+ countries. Phantom enables users to create branded Visa debit cards that allow spending stablecoin balances anywhere Visa is accepted. This expands from current 18 countries where cards are live across Europe, Asia, and Africa.
• KalshicoreTechnology or Integration · 12 December 2025Kalshi integrated its event trading platform into Phantom wallet in December 2025, giving Phantom's 15M+ users access to trade wagers on Kalshi's contracts using Solana-based tokens like SOL or CASH. At that time, Kalshi reported $5.8 billion in November trading volume, surpassing Polymarket's $3.7 billion.
• VanEckminorOthers · 20 November 2025VanEck published analysis identifying Phantom as one of five key builders driving Solana's dominance, highlighting its role in Solana's $1.4 trillion in decentralized exchange volume and $4.5 trillion in stablecoin transfers.
• Stripe / BridgecoreStrategic or Co-development Partner · 30 September 2025Phantom partnered with Stripe and its acquired company Bridge to launch Phantom Cash (CASH), the first stablecoin issued via Stripe's Open Issuance platform. CASH enables users to fund balances, buy/sell stablecoin without fees, and pay via Visa through Apple Pay or Google Pay. Stripe's infrastructure enables businesses to launch their own stablecoins.
• BitskicoreTechnology or Integration · 23 May 2024Phantom acquired Web3 specialist Bitski in May 2024 to enhance user onboarding and Web3 capabilities. The acquisition integrated Bitski's technology to simplify wallet creation and interaction with decentralized applications, strengthening Phantom's embedded wallet technology especially for mobile devices.
• Crypto ISACminorStrategic or Co-development PartnerPhantom joined Crypto ISAC (Information Sharing and Analysis Center) as its first charter member in October 2025 to advance industry-wide crypto security collaboration, working alongside other major members including Coinbase, Solana Foundation, and Binance.US.

Scale indicators11 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• MetaMask (Consensys): The most widely used self-custodial crypto wallet, with a comparable multi-chain browser extension + mobile app, swap functionality, and developer SDK. MetaMask is Phantom's primary direct competitor and both have collaborated (e.g., SEAL phishing defense) and compete for the same retail crypto user base.
• Coinbase Wallet (Base App): Self-custodial multi-chain wallet operated by Coinbase, now repositioned as the Base app. Competes head-to-head with Phantom on swaps, multi-chain support, and prediction market integrations, with the advantage of Coinbase's exchange distribution and Base L2 ecosystem.
• Backpack: Multi-chain crypto wallet and exchange with an integrated trading platform, NFT marketplace, and xNFT ecosystem. Backpack is pursuing a similar consumer-finance expansion (wallet + trading + perps) and has joined Phantom in cross-wallet security initiatives like SEAL.
• Trust Wallet: Self-custodial multi-chain mobile wallet owned by Binance, supporting 10M+ assets across 100+ blockchains. Competes directly with Phantom on retail user experience, multi-chain coverage, and embedded DApp browsing.
• Exodus: Public, multi-chain self-custodial wallet (desktop + mobile) with built-in swap, staking, and NFT functionality. Competes with Phantom on retail UX and multi-asset support, though more desktop-centric and less integrated with DeFi/derivatives.

Emerging players

• Rabby (DeBank): Multi-chain DeFi-focused wallet from DeBank targeting power users with advanced transaction simulation and portfolio analytics. Overlaps with Phantom's DeFi audience but with a more technical, pro-trader positioning.
• Safe (formerly Gnosis Safe): Smart-contract wallet infrastructure for treasury management and on-chain asset custody, widely used by DAOs and teams. Competes with Phantom's Embedded Wallets SDK for developer integrations targeting self-custody use cases.
• Zerion: Multi-chain DeFi wallet and portfolio tracker with integrated swap, perps, and yield aggregation. Directly comparable to Phantom's DeFi feature set and embedded-wallet approach for retail crypto users.

Broad incumbents

• Circle: Issuer of USDC, the dominant regulated stablecoin and Phantom's direct competitor in the stablecoin/consumer-payments space (Phantom's CASH competes with USDC for in-wallet and on-chain settlement use cases).
• Robinhood: Consumer-facing crypto trading and payments platform pursuing a similar 'all-in-one money app' thesis. Comparable as a broad incumbent expanding into crypto wallets, prediction markets, and stablecoin/payments products, though operating a custodial model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/phantom
• YouTubeyoutube.com/@phantom-app
• LinkedInlinkedin.com/company/phantom-app
• Instagraminstagram.com/phantom

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phantom