With a fresh injection of $150 million, Phantom, a wallet specializing in Solana, aspires to challenge conventional finance and establish itself as the innovative consumer financial platform for the future.
In 2021, Phantom, the digital wallet for cryptocurrencies, successfully secured $150 million in its Series C funding round. This significant investment round was jointly led by Sequoia Capital and Paradigm, with additional support from existing investors such as a16z crypto and Variant.
The $3 billion investment received will propel Phantom forward, enabling them to speed up cryptocurrency adoption and strive towards becoming the globe’s largest consumer financial platform, as stated in a blog post. Since its launch, Phantom has experienced rapid growth, capturing 15 million monthly active users, $25 billion worth of self-managed assets, and an annual swap volume of $20 billion by making cryptocurrencies more secure and user-friendly.
We’ve consistently aimed to simplify and secure the world of cryptocurrency, making it user-friendly for all. The new investment will enable us to boost our innovative efforts even more, with the ultimate goal of streamlining financial services for consumers.
Brandon Millman, CEO and co-founder of Phantom
With fresh financial resources, the digital wallet aims to accelerate cryptocurrency usage, primarily focusing on strategic partnerships, acquisitions, and creating a cutting-edge consumer finance system. Furthermore, Phantom intends to make additional investments in social discovery features for its 3.8 million user accounts and streamline peer-to-peer payments, according to the team’s statement.
This strategy comes after Phantom integrated support for the Sui protocol, aiming to offer unified crypto storage and trading across web3. Originally centered on Solana, the wallet has since expanded its reach to accommodate networks such as Ethereum, Coinbase’s layer-2 Base, and others.
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2025-01-17 10:20