Phantom, a leading crypto and NFT wallet, has outpaced the payment giant PayPal on the Google Play store, securing the No. 2 position among free finance apps. This achievement places Phantom just behind Cash App, but ahead of notable competitors such as TON Wallet, Chime, Venmo, Zelle, Google Wallet, and Capital One Mobile. According to Google Play store data, Phantom has garnered over 5 million downloads.

In overall app rankings, Phantom holds the No. 14 spot, surpassing popular apps including the job search platform Indeed, Meta's social media platform Threads, and streaming services Tubi and Max.

Phantom operates as a non-custodial hot wallet, akin to MetaMask and Rainbow. Initially designed for the Solana blockchain, Phantom expanded its support to Ethereum and Polygon in April 2023. By the end of that year, it also integrated Bitcoin, Bitcoin Ordinals, and BRC-20 tokens.

This week, Phantom announced the acquisition of the wallet platform Bitski, which is backed by prominent investors such as a16z crypto and Galaxy Digital. The terms of the deal were not disclosed.

In January 2022, Phantom raised $109 million in a Series B funding round led by Paradigm, achieving unicorn status with a valuation exceeding $1.2 billion. This funding milestone was previously reported by The Block.

Phantom's rapid rise in the Google Play store rankings and its strategic acquisition of Bitski underscore its growing influence in the crypto and NFT wallet space. The platform's continuous expansion of supported blockchains and its commitment to enhancing user experience are key drivers behind its success.