In the fast-paced world of crypto trading, characterized by highly volatile coins and tokens, real-time token data is a game-changer for both casual investors and professional traders.
It enables them to make smarter and more profitable decision-making in the ecosystem, where crypto token prices fluctuate in nanoseconds. It requires users to stay constantly informed to avoid losses. They need to monitor real-time data to secure the best buy, sell, or trade opportunities at optimal prices.
While this service is typically available on crypto exchanges, Web3 wallets are now also integrating real-time token data into their ecosystems, making it more accessible and flexible for users.
In the latest move towards it and in a strategic move to enhance its cryptocurrency wallet services, Phantom announced on Wednesday that it has acquired SimpleHash, a leading token data platform renowned for its real-time, comprehensive blockchain insights.
This acquisition marks Phantom’s third in eight months, after its acquisitions of Blowfish and Bitski in the past years.
Further, with this acquisition, Phantom will turn into a data powerhouse with on-chain analytics, setting it apart from rivals like MetaMask and Trust Wallet.
How Phantom users will benefit
Simplehash, as the leading token data platform, will bring an array of benefits for Phantom and its users. Since it is a multi-chain token data platform, Simplehash provides real-time access to comprehensive Blockchain data across 80 chains. It includes Ethereum, Solana, Polygon, Bitcoin, and more. It is also capable of processing thousands of requests per second, having already been able to set industry standards for token data reliability.
Now with its acquisition by Phantom, the users of Phantom Wallet will be able to access real-time market insights. This will allow users to receive the real-time market data including up-to-date token prices, historical sales data, and active listings across major decentralized exchanges and NFT marketplaces.
Further, since SimpleHash utilizes automatic metadata refreshing, users will be able access current NFT and token data too.
Thus, this acquisition will significantly boost Phantom’s capabilities in making cryptocurrency more accessible and user-friendly. It will ensure that its users have reliable access to token data, including real-time price movements, NFT metadata, and marketplace activity.
Brandon Millman, CEO of Phantom, emphasized the significance of this acquisition: “By bringing on SimpleHash, we’re ensuring that Phantom users have the most accurate and comprehensive token data. SimpleHash unlocks a whole new level of usability for Phantom users.”
Phantom’s Strategic Growth Through Acquisitions
This acquisition aligns with Phantom’s broader strategy of expanding its capabilities through targeted acquisitions.
In May 2024, Phantom acquired Bitski, an embedded wallet provider known for collaborations with global brands like Adidas and Major League Soccer. Later, in November 2024, Phantom integrated Blowfish, a fraud protection and web3 security platform, to enhance user security.
As part of the integration process, SimpleHash’s existing services will be phased out, and its team will join Phantom to focus on enhancing the wallet’s token data capabilities. However, it also causes disruption for SimpleHash Customers as existing SimpleHash customers, such as Coinbase, Ledger, and Brave. They may need to look for alternatives if Phantom decides to limit or shut down SimpleHash’s API services. Further, companies relying on SimpleHash for NFT metadata and token tracking might shift to other providers like Alchemy, Moralis, or Covalent.
Enhanced Experience for Users
With the integration of SimpleHash’s technology and expertise, Phantom is poised to offer an enriched user experience characterized by real-time data, enhanced security, and seamless interactions across multiple blockchains. This move not only benefits current Phantom users but also sets the stage for attracting a broader audience seeking a reliable and comprehensive crypto wallet solution.
Though Phantom’s acquisition of SimpleHash is a big win for Phantom users, it comes as a challenge for its competitors, and a potential shake-up for businesses relying on SimpleHash. No matter whether Phantom decided to keep SimpleHash open to third parties or makes it exclusive, this move does signals a shift toward more integrated, data-rich crypto wallets in Web3.
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