The well-known crypto wallet provider, Phantom, has successfully raised $150 million in a Series C funding round, significantly enhancing its valuation to $3 billion. This move is a considerable leap from its prior valuation of $1.2 billion during its Series B funding round in January 2022, representing a remarkable 150% increase.
Led by prominent venture capital firms including Sequoia Capital and Paradigm, the funding also saw participation from industry giants such as Andreessen Horowitz and Variant. This new influx of capital positions Phantom to further its goal of transforming consumer finance by making cryptocurrency more accessible, intuitive, and safe for users around the globe.
According to Phantom’s CEO, Brandon Millman, “Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance.” This funding is expected to accelerate the enhancement of Phantom’s features, including a soon-to-launch social discovery feature and improved peer-to-peer payment systems.
With an impressive 15 million monthly active users and handling over $20 billion in annual transaction volume, Phantom has rapidly become a significant player in the crypto wallet space. The platform recently gained attention when it briefly became the second-most popular application in the Apple App Store’s utilities section, coinciding with a surge in the crypto market.
- In December 2022, Phantom announced its integration with the layer-1 blockchain Sui, expanding its capabilities.
- The company refuted rumors of a token launch associated with its social discovery feature, confirming there are no plans for an airdrop.
Founded in 2021 in San Francisco by Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost, Phantom is pioneering the field of non-custodial solutions for non-fungible token (NFT) security as well. Their focus on user security and simplifying the crypto experience for everyday users is integral to their ongoing success.