Episode Details

Phantom just acquired the team behind Ventuals, the firm that famously shut down OpenAI and Anthropic’s perpetual futures markets on Hyperliquid — a bold move signaling Phantom’s pivot from wallet to full trading platform. As perpetual futures explode across crypto and traditional markets — letting traders bet on price moves indefinitely with 24/7 liquidity — Phantom is doubling down, leveraging its self-custody dominance to build swaps, staking, and now derivatives. CEO Brandon Millman sees Hyperliquid as the blueprint for open, global markets, and bringing in Ventuals’ talent is all about accelerating Phantom’s own trading product development. This isn’t just expansion — it’s a strategic play to capture the booming derivatives market and become the ultimate financial app for crypto-native traders.

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