Phantom, a leading cryptocurrency wallet on the Solana blockchain, announced its acquisition of Solsniperxyz, a fast and advanced trading platform specializing in Solana-based assets. The acquisition, confirmed on Monday, August 4th, marks a significant step in Phantom's strategy to expand its offerings beyond traditional wallet services.
The company stated its intent on X (formerly Twitter), saying, > "We’ve acquired @solsniperxyz — one of the fastest, most advanced trading platforms on Solana." Phantom highlighted Solsniper's design for "precision and speed," noting its utility for traders to "monitor tokens, track wallets, and react instantly."
Solsniperxyz, launched in 2021, has gained popularity among "power users" for its high-speed tools, particularly in the memecoin trading ecosystem on Solana. Its capabilities include AI-driven tools and rapid execution speeds, which align with Phantom's goal of integrating specialized on-chain functionalities directly into its platform.
This acquisition follows Phantom's recent $150 million Series C funding round and a series of strategic purchases, including Bitski, Blowfish, and SimpleHash, aimed at bolstering security, infrastructure, and data capabilities. Phantom co-founder and CEO Brandon Millman previously stated the company's intent to "aggressively pursue acquisitions to expand our product surface area and build the leading consumer finance platform."
The integration of Solsniperxyz is expected to streamline the user experience, allowing traders to remain within the Phantom ecosystem for advanced trading activities rather than utilizing external platforms. While the financial terms of the deal remain undisclosed, the move underscores Phantom's commitment to evolving into a comprehensive consumer finance platform that caters to the dynamic needs of crypto traders.