The race also extends beyond crypto. Last month, prediction market operator Kalshi launched its own perpetual futures business after regulatory approval, joining exchanges betting that permanent derivatives will become a larger part of financial markets.
For Phantom, the hires are part of a broader push into trading.
Best known as one of crypto’s largest self-custody wallets, Phantom has gradually expanded beyond asset storage into swaps, staking, and derivatives, as wallets increasingly compete to become full-service financial applications rather than just interfaces for holding tokens.
The company said it has become the largest distribution partner in the hyperliquid ecosystem and plans to increase its focus on perpetual futures contracts.
“Opening markets has become a major priority for us,” Millman wrote. “We have taken on the criminals in depth and we intend to go further.”
Millman described Hyperliquid as “one of the best examples of what open markets make possible,” highlighting its global liquidity and transparent onchain infrastructure.
Hiring the Ventuals team will help Phantom accelerate its efforts to build commercial products around the ecosystem, he said.
