Crypto wallet Phantom acquires token data platform SimpleHash

Phantom, the crypto wallet provider valued at $3 billion, has acquired SimpleHash, a token and NFT data platform, for an undisclosed sum.

As part of the acquisition, SimpleHash's team will join Phantom, and its existing services for customers will be discontinued, Phantom said Wednesday. SimpleHash's technology will be integrated into Phantom's platform to enhance token and NFT data availability for its "millions of users."

The financial terms of the deal weren't disclosed. Founded in 2022, SimpleHash raised $500,000 from investors, including Y Combinator and Coinbase Ventures, according to data from The Block Pro's Funding Dashboard. Phantom, meanwhile, has raised a total of $268 million to date, with its latest Series C round bringing in $150 million last month at a $3 billion valuation.

Phantom declined to comment on the exact headcount of SimpleHash and how many employees will transition to Phantom. However, SimpleHash's LinkedIn page indicates it has between two and ten employees.

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

SimpleHash supports over 80 blockchains and handles "thousands of requests per second," Phantom said. The platform delivers "real-time prices, accurate historical data and instant on-chain updates," which can help Phantom users make informed decisions about their assets, Phantom added.

Phantom's third acquisition

SimpleHash is Phantom's third acquisition in eight months. In November 2024, Phantom acquired Paradigm-backed crypto firewall provider Blowfish for an undisclosed sum. Blowfish had raised at least $11.8 million in total funding.

Then, in May 2024, Phantom acquired Bitski, an a16z-backed wallet platform, for an undisclosed amount. Bitski had raised at least $25.5 million in total funding.

Crypto mergers and acquisitions (M&A) activity increased significantly in 2024 and is expected to rise further this year. Earlier this year, crypto venture capital firms told The Block they anticipate a more active crypto M&A landscape, driven by a maturing market, increased regulatory clarity and renewed interest in crypto from fintech and web2 companies.

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