With $150 million in new funding, the Solana-focused Phantom Wallet aims to tackle traditional finance as a next-generation consumer credit platform.
Phantom, the crypto wallet launching in 2021, raised $150 million in its Series C funding round, co-led by Sequoia Capital and Paradigm, with participation from existing backers including a16z crypto and Variant.
The funding, which increased the wallet’s valuation to $3 billion, will help Phantom accelerate crypto adoption and become the world’s largest consumer finance platform, the developers said in a blog statement . Phantom has grown rapidly since its debut, attracting 15 million monthly active users, $25 billion in assets of its own, and $20 billion in annual swap volume by making crypto “safe and easy to use” .
“Our mission has always been to make cryptography more accessible, intuitive and secure for everyone. This latest round of financing allows us to invest more in innovation and, ultimately, modernize consumer credit.
Brandon Millman, CEO and co-founder of Phantom
With the new funding, the portfolio plans to push crypto adoption even further, with the team planning to focus on partnerships, acquisitions, and building the “next generation consumer credit platform.” Additionally, Phantom wants to make “additional strategic investments” in “social discovery features” around its 3.8 million usernames as well as “simplify peer-to-peer payments,” the developers said.
The move follows Phantom’s recent addition of support for the Sui protocol, aimed at expanding unified crypto storage and trading across Web3. Although the wallet started out as focused on Solana, it has since expanded its support to include networks like Ethereum, Coinbase’s Layer 2 foundation, and more.
