Phantom, a preferred digital asset pockets supplier, has efficiently raised $150 million in a Sequence C funding spherical, valuing the corporate at a formidable $3 billion. This new spherical of funding, which was led by main enterprise capital corporations Sequoia Capital and Paradigm, marks a major milestone in Phantom’s journey to change into a number one client finance platform within the crypto area.
The Sequence C spherical additionally noticed participation from outstanding traders, together with Andreessen Horowitz and Variant, additional solidifying Phantom’s place within the aggressive crypto pockets market. The corporate, which was based in 2021, has skilled fast progress since its inception, with 15 million month-to-month lively customers and dealing with over $20 billion in annual swap quantity.
Phantom’s CEO, Brandon Millman, expressed enthusiasm concerning the new funding and its potential to speed up the corporate’s mission to modernize client finance. “Our mission has all the time been to make crypto extra accessible, intuitive, and secure for everybody. This newest spherical of funding permits us to speculate additional in innovation and finally modernize client finance,” he stated within the introduce
Increasing Options with $150 Million Funding
Phantom has outlined how the $150 million will probably be used to boost its product choices. One of many key areas the corporate plans to concentrate on is the get of a social discovery function. This function will allow customers to find new social and monetary alternatives throughout the crypto ecosystem, finally enhancing the consumer expertise. As well as, Phantom plans to simplify peer-to-peer (P2P) funds for its customers, making it simpler to ship and obtain crypto seamlessly.
The funding can even be used to bolster Phantom’s place within the digital pockets area by enhancing its current options and bettering consumer accessibility. With the rising adoption of cryptocurrencies and decentralized finance (DeFi), Phantom is positioning itself to capitalize on this increasing market.
Dramatic Progress and a $3 Billion Valuation
The $3 billion valuation represents a major improve from Phantom’s earlier valuation of $1.2 billion, which got here after its Sequence B funding spherical in January 2022. This 150% bounce in valuation is a testomony to Phantom’s progress and its rising recognition amongst customers. Along with the 15 million lively customers, Phantom has garnered consideration for its spectacular buying and selling volumes, surpassing these of a few of the trade’s main opponents, together with Coinbase Pockets and MetaMask.
Phantom’s fast rise is underscored by its efficiency throughout late 2024, when the corporate reported buying and selling volumes that had been multiples greater than these of different crypto pockets suppliers. Its recognition was mirrored in its standing within the Apple App Retailer’s utilities part, the place Phantom briefly turned the second-most in style app on Nov. 20, when the worldwide crypto market cap was nearing $4 trillion.
Increasing Blockchain Help and Future Improvements
In a transfer to diversify its blockchain help, Phantom just lately built-in Sui, a layer-1 blockchain, into its platform. This makes Sui the fourth blockchain supported by Phantom, becoming a member of Bitcoin, Ethereum, and Solana. This enlargement permits Phantom to supply extra choices to customers, making it probably the most versatile wallets available in the market.
The addition of Sui comes on the heels of Phantom’s profitable integrations with Bitcoin, Ethereum, and Solana, which has given customers higher flexibility in managing their belongings. Phantom’s method of supporting a number of blockchains with out compromising on safety or consumer expertise is more likely to preserve the platform aggressive in a quickly evolving market.
Refuting Rumors of Token Get
Phantom has additionally been on the middle of hypothesis relating to a possible token introduce. Nonetheless, in a submit on Jan. 3, the corporate refuted these rumors, clarifying that it doesn’t have any plans to a token or airdrop in reference to its new social discovery function. The function is anticipated to be launched in early 2025, however Phantom emphasised that it might stay targeted on providing a non-custodial pockets answer, with out introducing its personal token.
This stance on avoiding a token helps reinforce Phantom’s dedication to staying true to its core philosophy of providing a safe and user-friendly crypto pockets, with out the necessity for pointless hypothesis or market manipulation.
The Highway Forward for Phantom
With its new funding and a transparent roadmap for increasing its options and providers, Phantom is poised for continued success within the cryptocurrency area. The corporate’s concentrate on simplifying crypto utilization for on a regular basis shoppers, together with its increasing blockchain help and new product options, positions it as a serious participant within the rising decentralized finance market.
As the worldwide crypto market continues to mature, platforms like Phantom are more likely to play an more and more essential position in serving to customers navigate the complexities of digital belongings. By specializing in innovation, consumer expertise, and safety, Phantom goals to solidify its place as a number one participant within the evolving world of crypto wallets.
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