Phantom, the digital asset wallet service provider, has raised $150 million in a Series C funding round, taking its valuation to $3 billion. The round was led by prominent venture capital firms Sequoia Capital and Paradigm, with additional participation from Andreessen Horowitz and Variant.
The funding will speed up Phantom’s mission of becoming the world’s leading consumer finance platform. According to the Chief Executive Officer, Brandon Millman,
“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.”
A Milestone in Growth and Innovation:
Source: Phantom
Phantom will use the newly acquired capital to launch its upcoming social discovery feature and simplify peer-to-peer payments, enhancing the user experience. The $3 billion valuation is a 150% increase from its $1.2 billion valuation during its Series B funding round in January 2022, which raised $109 million.
Currently, Phantom has more than 15 million monthly active users and handles over $20 billion in annual swap volume. The company said that its revenue and trading volumes for the last two months of 2024—when Donald Trump won the U.S. presidential election and market activity was at a peak—were multiples higher than those of competitors Coinbase Wallet and MetaMask.
On November 20, 2024, Phantom temporarily became the second most downloaded application in the utilities section of Apple’s App Store, just when the crypto market cap was close to $4 trillion.
In December 2024, Phantom announced support for the layer-1 blockchain Sui in addition to Bitcoin, Ethereum, and Solana networks. This aligns with Phantom’s strategy of making the platform more inclusive to crypto enthusiasts.
Founded in 2021 in San Francisco, California, by Brandon Millman, Chris Kalani (Chief Product Officer), and Francesco Agost (Chief Technology Officer), Phantom has quickly risen as a key player in the crypto wallet industry. Phantom’s wallet services make it one of the most widely used crypto wallet companies. Among its core products, Phantom now offers non-custodial options for NFTs.
Addressing Token Launch Rumors:
On January 3, 2025, Phantom responded to the rumors surrounding a potential token launch linked to its future social discovery feature. In a statement on X (formerly Twitter), the company clarified,
“We’ve seen some speculation about an airdrop tied to this feature, so to clarify we do not have any plans to launch a token.”
Future Development:
With a user-centric approach and strong backing from industry-leading investors, Phantom is well-positioned to redefine the digital wallet space. Its focus on accessibility, innovation, and security continues to set new benchmarks for consumer finance in the crypto era.
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