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Phantom Raises $150 Million in Series C Funding Round

Brandon Millman, Phantom, S-1 filling, Trump

Phantom Raises $150 Million in Series C Funding Round
  • Phantom raises $150 million in Series C funding, reaching a $3 billion valuation.
  • The company has 15 million monthly active users and handles over $20 billion in annual swaps.
  • Phantom integrated the Sui blockchain in December 2024, expanding its platform beyond Bitcoin, Ethereum, and Solana.

Digital asset wallet provider Phantom has secured $150 million in its Series C funding round. The round, led by venture capital giants Sequoia Capital and Paradigm, elevates the company’s valuation to $3 billion. Additional participation came from Andreessen Horowitz and Variant, marking a significant milestone for Phantom.

Phantom’s CEO, Brandon Millman, emphasized the company’s mission to make cryptocurrency more accessible, intuitive, and secure. This new funding will enable Phantom to innovate further and modernize consumer finance. The funding round announcement came on January 16, showcasing the company’s growth and its plans to expand the platform’s capabilities.

Phantom’s $3B Valuation Reflects Market Growth

Phantom plans to use the raised capital to enhance its platform with new features. After Donald Trump’s election victory, Phantom saw a surge in rankings on the iPhone App Store. Many believe that Trump’s presidency will foster a more crypto-friendly regulatory environment, benefiting platforms like Phantom.

Brandon Millman noted the shift towards using digital wallets like Phantom’s for crypto transactions instead of relying on centralized exchanges like Coinbase. Phantom is positioning itself to challenge traditional financial services like PayPal, Cash App, and Venmo. The company believes that crypto can potentially replace these incumbents, offering a decentralized alternative to the financial tools many consumers use daily.

Phantom’s valuation of $3 billion marks a 150% increase from its Series B funding round in January 2022, where it was valued at $1.2 billion. The company now boasts 15 million monthly active users and handles more than $20 billion in annual swap volume, solidifying its position in the competitive crypto wallet market.

Phantom’s Rapid Growth and New Partnerships

Phantom’s growth has been remarkable. For the final two months of 2024, when Donald Trump won the U.S. election, Phantom’s revenue and trading volumes surged. The company reported significantly higher numbers than its competitors, Coinbase Wallet and MetaMask combined. On November 20, Phantom briefly became the second-most popular app in the Apple App Store’s utilities section.

Phantom’s strategic moves also include expanding its supported blockchains. In December 2024, Phantom integrated layer-1 blockchain Sui, becoming the fourth blockchain supported by its wallet. This follows the company’s prior support for Bitcoin, Ethereum, and Solana, further broadening its appeal to a diverse range of crypto users.

Despite increasing speculation around Phantom’s future developments, the company clarified that it has no plans for a token launch. On January 3, Phantom mentioned rumors of a potential airdrop linked to its new social discovery feature. The company is focused on launching the feature in early 2025, which promises to enhance user interaction on the platform.

Founded in 2021 in San Francisco by Millman, Chris Kalani, and Francesco Agost, Phantom has rapidly risen to prominence in crypto. Its non-custodial services also allow users to secure their non-fungible tokens (NFTs), adding another layer of value to its offerings.

Read More: Trump Eyes Paul Atkins for SEC Chair: What It Means for Crypto

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