The race is also extending beyond cryptocurrencies. Last month, prediction market operator Kalshi launched its own perpetual futures business after regulatory approval, joining exchanges betting that always-on derivatives will become a bigger part of financial markets.
For Phantom, the hires are part of a broader push toward commerce.
Phantom, best known as one of the largest self-custody wallets in cryptocurrencies, has steadily expanded beyond asset storage into swaps, staking, and derivatives as wallets increasingly compete to become full-service financial applications rather than simple interfaces for storing tokens.
The company said it has become the largest distribution partner in the Hyperliquid ecosystem and plans to deepen its focus on perpetual futures.
“Open markets have become an important focus for us,” Millman wrote. “We have thoroughly investigated the criminals and intend to dig deeper.”
Millman described Hyperliquid as “one of the best examples of what open markets make possible,” noting its global liquidity and transparent on-chain infrastructure.
The addition of the Ventuals team will help Phantom accelerate its efforts to create commercial products across the ecosystem, he said.
