Brandon Millman, CEO of Phantom Wallet, stated clearly in a recent episode of the Empire podcast that the company has no immediate plans to launch its own blockchain or pursue an initial public offering (IPO). He stressed that building a proprietary blockchain would contradict the open principles of the crypto industry, and instead, Phantom will double down on enhancing its existing ecosystem, particularly on Solana, and improving the user experience for everyday consumers.
Doubling Down on Solana, Rejecting Closed Ecosystems
Millman emphasized that Phantom's core mission is to provide the best crypto wallet experience for retail users, and that creating a proprietary chain would divert focus and undermine decentralization. He also clarified that Phantom is not developing products specifically for institutional clients. Currently, Phantom boasts over 3 million monthly active users on Solana, making it one of the most popular wallets in the ecosystem.
Product Expansion: Phantom Cash and Phantom Terminal
While ruling out a proprietary blockchain and IPO, Phantom is actively expanding its product line. Millman revealed that the team is working on Phantom Cash, a stablecoin-based financial service designed to simplify everyday payments. Additionally, the upcoming Phantom Terminal is a professional trading platform aimed at power users, offering advanced trading tools. Both products are built on Solana and will eventually support more blockchains.
Funding Strategy: Preferring Private Rounds Over Going Public
When discussing capital needs, Millman acknowledged that an IPO could bring brand exposure and liquidity, but the operational challenges—such as quarterly earnings pressure and regulatory compliance—are significant. He expressed a preference for securing private funding, citing existing backers like A16Z, Paradigm, and Sequoia Capital. These top-tier VCs have already provided multiple rounds of funding, allowing Phantom to grow without the burdens of public markets.
Industry Impact and Outlook
Millman's stance has sparked discussion in the crypto community. Some analysts view Phantom's decision to forgo a proprietary chain as a pragmatic move—focusing on wallet UX rather than competing with dozens of Layer1s. As the Solana network continues to upgrade and its ecosystem expands, Phantom is well-positioned to solidify its role as the “front door to Solana.” Meanwhile, skipping an IPO means the company can concentrate on long-term product development rather than short-term stock fluctuations.
As of writing, SOL is trading at approximately $80.32, up 0.93% in the last 24 hours, with market sentiment remaining stable.