Phantom Acquires Token Data Platform SimpleHash
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Phantom, a well-known crypto wallet provider valued at $3 billion, has purchased SimpleHash, a platform that provides data on tokens and NFTs. The exact amount Phantom paid for SimpleHash has not been shared.
However, the acquisition means SimpleHash’s services will no longer be available as a separate platform. Instead, its technology will be merged into Phantom’s system to improve access to token and NFT data for millions of users.
SimpleHash a firm that was founded in 2022 and had previously raised $500,000 from investors like Y Combinator and Coinbase Ventures. On the other hand, Phantom has received a total of $268 million in funding, with its most recent Series C round securing $150 million.
Although Phantom is yet to disclose how many SimpleHash workers will be retained, LinkedIn data suggests that the company had between two and ten employees before the acquisition.
Why Phantom Acquired SimpleHash
Phantom’s CEO, Brandon Millman, explained that the buying of SimpleHash by Phantom will provide users with more accurate and detailed token data that can make transactions easier and reliable.
At present, SimpleHash supports over 80 different blockchains and can process thousands of data requests per second. Therefore, this makes it a valuable addition to Phantom’s platform, as it provides real-time prices, historical data, and immediate on-chain updates, features that will help users make better decisions when managing their crypto assets.
Phantom’s Growing Acquisitions
The purchase of SimpleHash is the third acquisition Phantom has made in the past eight months. In November 2024, Phantom bought Blowfish, a security-focused crypto firewall provider backed by Paradigm. Earlier, in May 2024, Phantom also acquired Bitski, a wallet platform supported by venture capital firm a16z.
To this end, it is obvious that the crypto industry has seen a rise in mergers and acquisitions, with more companies seeking to strengthen their positions in the market. Experts predict this trend will continue in 2025 as the crypto sector matures, regulations become understandable, and traditional finance companies show increased interest in blockchain technology.
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