Phantom Raises $150M In Series C Funding Round

Crypto and non-fungible token wallet services provider Phantom has closed a Series C funding round, raising $150 million. The round was co-led by venture capital firms Sequoia Capital and Paradigm, with participation from Andreessen Horowitz (A16z) and Variant. The Series C funding round was sealed at a valuation of $3 billion.

Launched in 2021, Phantom is a non-custodial crypto and NFT wallet service provider. The NFT wallet was founded in San Francisco, California, by Brandon Millman, Chris Kalani, and Francesco Agost. Phantom is a go-to wallet for crypto and NFTs on Solana, Ethereum, and Polygon. Phantom is a great crypto and NFT wallet, especially due to its smooth user experience and easy staking options.

In terms of security, Phantom is one of the secure crypto and NFT wallets. It has enhanced features, including multi-chain support, phishing protection, NFT tools, and staking rewards of up to 9% APY on Solana. Phantom claims to have over 15 million monthly active users and has overseen $20 billion in annual swap volume and $25 billion in self-custody assets.

The crypto and NFT wallet company anticipates using the fresh capital to “build the biggest consumer finance platform. In a press release shared on January 16, Phantom said that the new capital will play a crucial role in its long-term future. “It’s time to take on traditional finance and become the world’s biggest consumer finance platform,” Phantom added. While commenting about the announcement, Brandon Millman, the Chief Executive Officer of Phantom, remarked:

“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.”

Phantom’s Previously Fundraisings

The fundraising follows Phantom’s funding initiative in 2022, which raised over $100 million, bringing the company’s valuation to $1.2 billion. The company used the raised funds “to make crypto safer and easier to use” by helping the company build essential wallet infrastructure and robust security features. Phantom plans to raise more funds through product sales and partnerships in 2025. Phantom plans to invest in social discovery features around and simplify peer-to-peer at the top of its list.