Phantom, a cryptocurrency wallet, has raised $109 million in a Series B round headed by Paradigm, crypto, and Web3-focused investment firm. The project is now valued at $1.2 billion thanks to the new fundraising round.
“It’s amazing to see the expansive growth that has happened in just under a year since our beta launch,” said Brandon Millman, CEO of Phantom, in a prepared statement.
Solana traders can use the Phantom wallet to communicate with non-fungible tokens and decentralized finance (DeFi) protocols (NFTs). Solana’s Phantom is Ethereum’s MetaMask. Loans can be taken out, interest can be earned on tokens, and users can trade with one other.
Phantom enjoys funding, new functionality
Aside from the investment news, the wallet provider also revealed that its app for iOS devices is now available for download. Users may store, send, and receive tokens and NFTs, as well as stake Solana, using the wallet’s iOS app (SOL).
“With the launch of our mobile application, we aim to create the cross-platform entry point for mainstream consumers to interact with blockchain apps,” Millman added.
Fred Ehrsam, Paradigm’s co-founder and managing partner, is similarly upbeat.
Crypto wallets, he argues, are “on a path to becoming the container for everything in your digital life,” and wallets like Phantom are vital to attracting “billions more people into crypto.”
Chris Kalani, the wallet’s chief product officer, and Co-founder had stated that the wallet had just reached 1.2 million weekly users.
Despite being an Ethereum-focused environment, leaked photos revealed that NFT marketplace OpenSea may soon be adding support for Solana NFTs and Phantom.
“The team has constantly increased the bar for wallet usability since Phantom’s inception in early 2021. “Phantom is Solana’s most popular wallet, and the team is one of the best at leveraging Solana’s unrivaled performance to provide a world-class UX,” stated Raj Gokal, co-founder of Solana.