Phantom crypto wallet raises $150M in Series C at $3B valuation.
Digital asset wallet Phantom has announced that it has secured $150 million in Series C funding led by Sequoia Capital and Paradigm.
Andreessen Horowitz and Variant also participated in the support round.
“Our mission has always been to make crypto more accessible, intuitive and secure for everyone. This latest funding will allow us to invest more in innovation and ultimately modernize consumer finance,” Phantom CEO Brandon Millman said in a January 16 announcement.
The crypto wallet service provider said it will use the $150 million to launch its soon-to-be-released social discovery feature and simplify peer-to-peer payments for its users.
Source: Phantom
The $3 billion valuation represents a 150% increase from the $1.2 billion it raised in its $109 million Series B funding in January 2022.
Phantom currently boasts 15 million monthly active users and handles over $20 billion in annual exchange volume.
The crypto wallet service provider said its revenue and trading volume in the last two months of 2024 – when Republican Donald Trump won the US election – were “several higher” than competitors Coinbase Wallet and MetaMask combined.
On November 20th, when the crypto market cap was pushing $4 trillion, Phantom briefly became the second most popular app in the app section of the Apple App Store.
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Meanwhile, Phantom announced on December 6 that it will integrate the layer-1 blockchain Sui, making Phantom the fourth blockchain behind Bitcoin, Ethereum and Solana networks.
Phantom was founded in In 2021 in San Francisco, California, Millman, Chief Product Officer Chris Callani and Chief Technology Officer Francesco Auguste.
Phantom also provides non-custodial services for users who want to protect their non-custodial tokens.
On Jan. 3, the company denied rumors that it might launch a tokenization launch in “early 2025” to complement the upcoming social discovery feature.
“We've seen some speculation about an airdrop tied to this feature, so to be clear: we have no plans to launch a token.” said the non-custodial crypto wallet provider in a January 3 X post.
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