As part of its growth trend, Phantom Wallet has raked in $150 million in new funding, taking its cumulative valuation to $3 billion
With the conclusion of a Series C funding round, the digital asset wallet Phantom has successfully attained a $3 billion valuation. The wallet platform secured $150 million from the likes of Sequoia Capital, Paradigm, Andreessen Horowitz (a16z) and Variant. The $3 billion marks a 150% increase from its previous valuation of $1.2 billion.
Phantom Wallet to Direct Funds Towards Expansion of its Services
Phantom’s CEO Brandon Millman, who announced the funding on January 16, noted that this $150 million will go a long way in expanding the business. “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,” Millman wrote.
With more precision, he mentioned that the fund will be directed towards the launch of Phantom Wallet’s soon-to-be-released social discovery feature. It will also contribute to simplifying peer-to-peer payments for wallet users. As it stands, Phantom Wallet boasts up to 15 million active users monthly. Consequently, it handles more than $20 billion in annual swap volume.
Just after Republican Donald Trump won the United States presidential election, the crypto wallet service provider reportedly saw a significant increase in revenue and trading volumes. He claimed they were “multiples higher” than its competitors Coinbase Wallet and MetaMask combined.
Phantom became the second-most popular application in the Apple App Store’s utilities section on Nov. 20. Although it was for a brief period, it coincided with when the crypto market capitalization reached $4 trillion.
Phantom Wallet Has Future Plans
In the future, Phantom Wallet plans to make bigger bets to accelerate mainstream crypto adoption. About a month ago, it intended to integrate Layer-1 blockchain Sui. This will be the fourth blockchain that Phantom supports after the Bitcoin, Ethereum, and Solana networks.
Meanwhile, the crypto wallet service provider posted a disclaimer recently after rumors of a potential token launch began to make rounds. Those propagating this rumor claimed that the token is meant to complement the incoming social discovery feature, which will launch sometime in “early 2025.”
“We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the non-custodial crypto wallet provider wrote on X.
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