Phantom Overtakes PayPal in Google Play’s App Rankings

Moreover, Phantom has climbed to the second position in terms of downloads. Cash App leads the list with over 100 million downloads as of the end of May 2024, offering users functionalities tied to Visa debit cards.

Behind Phantom, in addition to the previously mentioned PayPal (the largest online payment system with nearly $30 billion in revenue in 2023, operating globally and supporting internet-based money transfers), are Chime (a mobile banking app), TON Wallet (a Toncoin wallet allowing interactions with other apps on the TON network), Venmo (an American mobile payment service owned by PayPal since 2013), and other significant projects.

According to Google Play, Phantom has exceeded 5 million downloads on the platform.

Phantom is a non-custodial hot wallet originally launched on the Solana network. The startup has reached unicorn status, having attracted $1.2 billion in funding. In the spring of 2023, the wallet's developers expanded its capabilities to support the Ethereum and Polygon networks. Phantom also supports BTC, Bitcoin Ordinals, and BRC-20 tokens.

In late May 2024, it was revealed that Phantom had acquired the integrated wallet service Bitski, a project supported by prominent investors including a16z crypto and Galaxy Digital, among other backers. The purchase amount has not been disclosed. The integration aims to facilitate user and developer sign-up and login through email, simplifying the registration process.