Solana Wallet Phantom raises $109 million in Series B funding
Crypto wallet Phantom has announced a $109 million Series B funding round, bringing the project's valuation to $1.2 billion.
Phantom scoops up $109 million in funding
According to Phantom, the funding will help improve the wallet's technical capabilities, such as better app recognition, and allow the company to hire additional staff. The funding round was led by Paradigm, an investment firm that focuses on crypto and Web3-related companies. Other venture firms that have backed Phantom in previous funding rounds include Andreessen Horowitz, Jump Capital, and Variant Fund."It's amazing to see the expansive growth that has happened in just under a year since our beta launch," Phantom CEO Brandon Millman said in a prepared statement. In addition to the funding round, Phantom also announced Monday that its mobile app is now available for iOS devices.
What is Phantom?
Phantom is the most widely used Solana wallet. Users can borrow tokens, earn interest on tokens, and trade with other users. Phantom currently has over 2 million monthly active users and has doubled its user base in less than three months. Much of this growth is due to the adoption of the Solana ecosystem, particularly the growth of the NFT space.Last week, leaked images showed that NFT marketplace OpenSea could soon support Solana NFTs and Phantom. Even though the marketplace is an Ethereum-focused ecosystem. Phantom also wants to expand its wallet to the Ethereum ecosystem. The plan is for Phantom to have an EVM-compatible wallet sometime in 2022.
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