Cross-Platform Solana Wallet Phantom Raises $109M

Cross-Platform Solana Wallet Phantom Raises $109M

Phantom, the wallet for DeFi and NFTs, has raised $109 million in Series B financing.

Solana ecosystem’s software wallet and browser extension Phantom achieved its unicorn status after a $1.2 billion valuation. The $109 million raised as part of its developmental funding will help it expand its cross-platform capabilities even further.

Paradigm, the investment firm focusing on cryptocurrency and Web3 companies, led this stage of funding. Phantom’s funding was previously supported by venture companies like Andreessen Horowitz, Jump Capital, and Variant Fund.

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The funding will be used to enhance the wallet’s technical capabilities, like allowing the users to discover apps more easily. Furthermore, part of the money will be used to hire additional employees for the project.

According to Phantom, the funding will help enhance the wallet’s technical capabilities, such as better app discovery, as well as allow the company to hire additional employees.

In addition to the news about the funding, Phantom also made an announcement on Monday, January 31, that its mobile app is now available on iOS devices.

Currently, Phantom has over 2 million monthly active users. The user base has doubled in just under three months, since the platform’s announcement celebrating 1 million users in November 2021.

The rapid growth of the user base is largely down to the Solana ecosystem adoption. Phantom provides support to Solana’s NFT marketplace, Solanart, where users can buy, trade, and mint non-fungible tokens. According to crypto market sources, Solanart currently sits in 7th place based on trade volume.

As a multi-functional tool, Phantom has also been optimized to support decentralized finance (DeFi). The DeFi industry has not been seeing the best of times in recent months. According to recent data, the DeFi industry has lost over 30% since its peak in Q4, based on total value locked (TVL).

Camille V. - Crypto Analyst

by Camille V. - Crypto Analyst, BitDegree