In Brief:
- Phantom has raised $109 million in its new funding round led by Paradigm.
- The fund will be utilized to innovate multi-chain user experience, scale its team, and onboard users and developers to Web3.
- The company has also launched its iOS App and is planning to launch an Android version shortly.
Solana-centric crypto wallet Phantom has raised $109 million in a Series B funding round led by Paradigm, achieving unicorn status after attaining a $1.2 billion valuation. The aim is to expand its cross-platform capabilities beyond Solana.Â
Apart from Paradigm, investors including a15z, Variant, Jump Crypto, and Solana Ventures also participated in the financing round. With the explosive adoption of NFTs and DeFi, Phantom aims to provide a user-friendly gateway to Web3 and opportunities to innovate on security and safety.
To accomplish its vision, Phantom has launched an iOS app that will be public today. The company will then scale up its presence with an Android launch which will be released shortly.
In addition, Phantom will also use this financing to innovate on the multi-chain wallet user experience, onboard users and developers onto Web3, and scale the team. While the competitors like Metamask loom large, Phantom is working on its next big move to add support for another blockchain beyond the Solana ecosystem to its wallet.
In November last year, Phantom was in the initial stages to release its mobile app, which finally is here. Through the app, users can send, store and receive tokens and NFTs, as well as stake Solana (SOL).
With this new funding, Phantom also plans on expanding its team which currently has around 20 employees. CEO of Phantom Brandon Milliman also stated that the company has spent the past couple of months working on safety-related features. Last week, the leaked screenshots surfaced revealing OpenSea’s plans on Solana integration and Phantom wallet support.
Phantom now has over 2 million monthly active users, more than doubling its user base in under three months. Much of this expansion is due to the Solana ecosystem’s popularity, particularly in the area of nonfungible tokens, or NFTs.
