Since Phantom Wallet launched in 2021, their mission was to make crypto safe and easy to use.
Thanks to community support, Phantom Wallet says they emerged as one of the world’s widely-used crypto wallets, soaring to the “top” of the App Store charts and welcoming many to world of crypto.
Now, it’s time to aim higher, the team at Phantom Wallet noted while adding that it is time to take on traditional finance and “become the world’s biggest consumer finance platform.”
To execute on this vision, they are pleased to announce their $150 million Series C funding round co-led by Sequoia Capital and Paradigm at a $3 billion valuation, with “participation from existing investors including a16zcrypto and Variant.”
With these new resources, Phantom Wallet plan on “making bigger bets to accelerate crypto adoption and become the world’s biggest and most-trusted consumer finance platform.”
Phantom Wallet developers claim that the crypto wallet has become popular thanks in large part to Solana.
With “fast, low-cost” transactions, and a smooth user experience, they’ve now become the “face of crypto” for a whole generation of users, “unencumbered by the the limits of centralized exchanges.”
Unlike centralized exchanges, they claim to offer self-custody and “access to millions of assets across multiple blockchains.”
As a result, their community has grown to reportedly become one of the biggest and “most-valuable” onchain userbase in the world.
In November and December, their active traders, trading revenue, and trading volume were reportedly “higher than MetaMask and Coinbase Wallet.”
Brandon Millman said:
“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.”
This raise will allow them to make bigger bets in order to “accelerate crypto adoption and build the next-generation consumer finance platform.”
In 2024, they made their first and second acquisitions, Bitski and Blowfish, to make crypto “safer and easier to use.”
These acquisitions have played a key role in helping us build essential wallet infrastructure and robust security features.
The Phantom Wallet devs said they are going to double down “on strategic partnerships and acquisitions to build the necessary infrastructure for crypto to go mainstream.”
They plan to make additional strategic investments into “innovative social discovery features around their 3.8 million usernames as well as simplifying peer-to-peer payments.”