Key Points
Phantom, a crypto wallet established in 2021, has successfully raised $150 million in its Series C funding.
The funding round was co-led by Sequoia Capital and Paradigm.
Existing investors such as a16z crypto and Variant also participated.
This funding round has boosted Phantom’s valuation to $3 billion.
The developers shared their plans in a blog announcement (https://phantom.com/learn/blog/phantom-series-c) to use the funding to speed up crypto adoption.
They also aim to transform Phantom into the world’s leading consumer finance platform.
Growth and Future Plans
Since its launch, Phantom has seen rapid growth.
It has attracted 15 million monthly active users, and holds $25 billion in self-custody assets.
The platform also reported $20 billion in annual swap volume by making crypto usage safe and easy.
The CEO and co-founder of Phantom, Brandon Millman, stated their mission has always been to enhance the accessibility, intuitiveness, and safety of crypto.
He added that this latest round of funding will enable further investment in innovation and modernizing consumer finance.
The funding will be used to promote crypto adoption.
The team plans to focus on partnerships, acquisitions, and building the next-gen consumer finance platform.
Phantom also plans to invest in “social discovery features” around its 3.8 million usernames and simplify peer-to-peer payments.
Phantom has recently added support for the Sui protocol.
This move aims to expand unified crypto storage and trading across web3.
Initially, Phantom was focused on Solana, but it has expanded its support to include networks like Ethereum, Coinbase‘s layer-2 Base, and others.
