Phantom Wallet, a leading cryptocurrency wallet, successfully raised $150 million in a Series C funding round. Co-led by Sequoia Capital and Paradigm, the round also saw participation from existing investors like a16z crypto and Variant. 

The milestone has significantly boosted Phantom’s valuation, reaching an impressive $3 billion from the previous valuation of $1.2 billion in January 2022.

The funds raised will help Phantom accelerate crypto adoption and strengthen its position in the growing decentralized finance (DeFi) ecosystem. According to Phantom's developers, the wallet is on a mission to become the world's largest and most trusted consumer finance platform.

Phantom's user base has rapidly expanded over the years, currently boasting 15 million monthly active users and managing $25 billion in self-custody assets. The wallet's impressive annual swap volume stands at $20 billion. 

Co-founder and CEO Brandon Millman highlighted the broader trend of users choosing digital wallets for direct crypto purchases over centralized platforms like Coinbase. 

“Our mission has always been to make crypto more accessible, intuitive, and safe for everyone,” Millman said. “This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance.” 

Strategic Focus on Expanding Services

With this new funding, Phantom plans to make substantial investments in expanding its crypto ecosystem. A key focus will be on strengthening partnerships, acquiring new technologies, and building the next-generation consumer finance platform. Additionally, Phantom is set to prioritize the development of social discovery features and further enhance its peer-to-peer payment options.

Phantom’s development team also aims to refine its platform to make crypto transactions more seamless, while encouraging the use of blockchain for daily financial activities. These features are designed to appeal to users who seek simple, efficient ways to engage with crypto in a secure, decentralized environment.

Broadening Support Beyond Solana

Initially focused on Solana, Phantom Wallet has expanded its support to include multiple blockchain networks. It now works with Ethereum, Coinbase’s layer-2 Base, and the Sui protocol, further enhancing its utility in the expanding Web3 ecosystem. 

Phantom’s integration of the Sui protocol is particularly noteworthy, as it aims to support decentralized applications (dApps) on the Sui network. 

Phantom Wallet’s rapid growth, reportedly driven by its seamless user interface and close relationship with the Solana blockchain. The wallet has managed to outperform established names like MetaMask and Coinbase Wallet in metrics such as active traders, trading volume, and revenue.