TL;DR
- Phantom, a crypto wallet provider, raised $150 million in a Series C funding round, boosting its valuation to $3 billion. The round was led by Sequoia Capital and Paradigm.
- The funding marks a 150% increase from Phantom’s previous valuation of $1.2 billion in January 2022. CEO Brandon Millman emphasized the investment’s role in making crypto more accessible.
- Phantom plans to use the funds to launch a social discovery feature and simplify peer-to-peer payments. The company also announced plans to integrate the Sui blockchain.
Phantom, a crypto wallet provider, has successfully raised $150 million in a Series C funding round, propelling its valuation to an impressive $3 billion. This significant funding round was led by prominent venture capital firms Sequoia Capital and Paradigm, with additional participation from Andreessen Horowitz and Variant.
https://twitter.com/phantom/status/1880018917068009527
Mission to Modernize Consumer Finance
The latest investment marks a 150% increase from Phantom’s previous valuation of $1.2 billion in January 2022. Phantom’s CEO, Brandon Millman, expressed enthusiasm for the potential impact of funding on the company’s mission.
“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,” Millman stated.
The company plans to use the newly raised capital to launch a social discovery feature and simplify peer-to-peer payments for its users.
Rapid Growth and Market Position
Since its founding in 2021 by Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost, Phantom has experienced rapid growth. The company boasts 15 million monthly active users and handles over $20 billion in annual swap volume.
Phantom’s revenue and trading volumes for the final two months 2024 were reportedly “multiples higher” than competitors Coinbase Wallet and MetaMask combined. In November 2024, Phantom briefly became the second-most popular application in the Apple App Store’s utilities section as the crypto market cap surged toward $4 trillion.
Future Plans and Blockchain Integration
Looking ahead, Phantom announced plans to integrate the layer-1 blockchain, Sui, making it the fourth blockchain supported by the platform, alongside Bitcoin, Ethereum, and Solana. The company also provides non-custodial services for users looking to secure their NFTs.
Despite rumors of a potential token launch, Phantom clarified that it has no plans to introduce a token. Phantom’s trajectory showcases its commitment to innovation and user-centric solutions, positioning the wallet as a formidable player in the crypto space as it continues to redefine digital finance.
