UPDATED 12:00 EDT / JANUARY 31 2022

BLOCKCHAIN

Phantom cryptocurrency wallet raises $109M in new funding led by Paradigm

Phantom Technologies Inc., a provider of a noncustodial cryptocurrency wallet, announced today that it has raised $109 million in a new funding round led by Paradigm placing the company’s valuation at $1.2 billion.

The company also announced the launch of its app for iOS devices, making it available on both mobile and web.

Other investors participating in the round included a16z, Variant, Solana Ventures and Jump Capital.

“It’s amazing to see the expansive growth that has happened in just under a year since our beta launch,” said Brandon Millman, chief executive of Phantom. “Phantom’s user-friendly design and ease of use is helping us become a Web3 wallet for the masses.”

According to the company, the wallet has gained more than 1.8 million monthly active users in the past nine months following the launch of its Solana blockchain browser extension. With the extension, users gain access to Solana dapps, can manage and display nonfungible tokens on its blockchain and also manage and stake SOL tokens.

“Since Phantom’s launch in early 2021, the team has consistently raised the bar for wallet usability,” said Raj Gokal, co-founder of Solana. “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 user experience.”

The company said that the wallet has since been used to stake over 112 million SOL since the launch of the Solana extension. Users have also swapped more than $1.37 billion in tokens and $55.2 million through nonfungible tokens, decentralized finance and app transactions using the wallet. NFTs are a type of blockchain-based token that represents the unique ownership of a digital item, such as a piece of digital artwork, game item, music or document.

Decentralized finance, also known as DeFi, is an emerging technology based on blockchains that allow for peer-to-peer financial transactions using cryptocurrencies without the need for middlemen where users use software-driven contracts to complete agreements. According to DeFiLlama.com, a website that tracks transactions in DeFi networks, there is $242.7 billion in locked-in value currently across dapps and cryptocurrencies, up from $36 billion one year ago.

The company said that the iOS launch is only the first step in its vision to expand Phantom across multiple mobile platforms. An Android app is planned for launch soon.

The funds will be used to accelerate product development into 2022, including onboarding users and developers for further decentralized application adoption for web3, also known as the decentralized web. The money also will be used to innovate for multiple blockchains in its wallet and grow the Phantom team.

Image: Phantom

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