Quick take:
- The fundraising also attracted participation from A16z and Variant.
- Phantom said the round values the company at $3 billion, more than double its previous valuation.
- Following Trump’s election, Phantom Wallet recently rose to the top of the App Store charts.
Phantom, the crypto company known for its self-custodial wallet services has raised $150 million in a Series C round led by Sequoia Capital and Paradigm. The fundraising also attracted participation from Andreessen Horowitz (A16z) and Variant.
The company said it will use the fresh capital to “build the biggest consumer finance platform.” According to a blog post published on the Phantom website late on Thursday, the Series C round was sealed at a valuation of $3 billion, more than double the company’s previous valuation.
Noting plans for the future, Phantom said the new capital will play a crucial role in its long-term future. “It’s time to take on traditional finance and become the world’s biggest consumer finance platform.”
The company credits its rapid growth since launching in 2021 to Solana’s “fast, low-cost transactions, and a smooth user experience” adding that it has now “become the face of crypto for a whole new generation of users, unencumbered by the the limits of centralized exchanges.”
Phantom claims to have 15 million monthly active users, and has overseen $20 billion in annual swap volume and $25 billion in self-custody assets.
Commenting on the announcement, Phanom CEO Brandon Millman said in a statement: “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.”
The fundraising follows Phantom’s first and second acquisitions of Bitski and Blowfish in 2024 “to make crypto safer and easier to use,” by helping the company build essential wallet infrastructure and robust security features.
Phantom plans to double down on more acquisitions and partnerships in 2025, with investing in social discovery features around and simplifying peer-to-peer at the top of its list.
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