Crypto wallet service provider Phantom has raised $150 million in a Series C funding round co-led by Sequoia Capital and Paradigm, with participation from existing investors a16z crypto and Variant.
This latest funding round has propelled the company’s valuation to $3 billion.
The funding will enable the wallet to accelerate crypto adoption and pursue its goal of becoming the world’s largest consumer finance platform, according to a blog announcement from the developers.
“Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately, modernize consumer finance,”
Brandon Millman, CEO and co-founder of Phantom stated.
Phantom plans to accelerate crypto adoption by focusing on strategic partnerships and acquisitions with the new capital and building a next-generation consumer finance platform. The developer team also stated that they would invest in enhancing social discovery features for its 3.8 million usernames and simplifying peer-to-peer payments.
According to the announcement, the crypto wallet platform has experienced rapid growth since its launch in 2021, amassing 15 million monthly active users, $25 billion in self-custody assets, and $20 billion in annual swap volume by simplifying and securing crypto for its users. The platform has features such as staking, in-app token swaps, NFT storage, and Ledger hardware wallet integration.
Meanwhile, this move comes after Phantom recently expanded its support to include the Sui protocol alongside its existing support for Solana, Bitcoin, Ethereum, and Coinbase’s layer-2 Base.
In a related development, Bybit recently added the AI-powered blockchain gaming platform Xterio to its Launchpad platform. Xterio has secured over $80 million in funding from prominent investors, including Binance Labs, Makers Fund, and DST Global Partners.
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