Phantom raises $109m in Series B funding led by Paradigm

Phantom, a non-custodial crypto wallet, has announced it has secured $109m in Series B funding led by Paradigm, bringing its valuation to $1.2bn.

Phantom said it would be using the funding to accelerate its cross-platform expansion, bring better app discovery to its wallet, and grow its team with strategic hires.

Phantom also announced the public availability of its app for iOS devices as well.

Brandon Millman, CEO of Phantom commented “it’s amazing to see the expansive growth that has happened in just under a year since beta launch”.

“Phantom’s user-friendly design and ease of use is helping us become a Web3 wallet for the masses,” he said.

“With the launch of our mobile application, we aim to create the cross-platform entry point for mainstream consumers to interact with blockchain apps.”

According to JPMorgan, Solana was gaining market share from Ethereum not only in DeFi, but also NFTs, which surpassed a $1bn market cap in January.

To date, Phantom has been used in order to stake 112.4m SOL ($10.4bn), swap $1.37bn in tokens and make 55.2m NFT, DeFI and app transactions.

Heading into 2022, Phantom’s roadmap includes streamlining onboarding for new users, adding multi-chain support, payment features and Android support.

“Crypto wallets are on a path to become the container for everything in your digital life, which is increasingly just ‘your life,’” said Fred Ehrsam, co-founder and managing partner at Paradigm.

“To bring billions more people into crypto, we need wallets like Phantom that are simple, powerful, and secure,” he said.

Raj Gokal, co-founder of Solana added that since Phantom’s launch in early 2021, the team had consistently raised the bar for wallet usability.

“Phantom is the most widely used wallet on Solana, and the team is one of the best at harnessing Solana’s unparalleled performance to deliver a world class UX,” he said.