Digital asset wallet Phantom announced that it has raised $150 million in a Series C funding round led by venture capital firms Sequoia Capital and Paradigm, valuing the company at $3 billion.
Andreessen Horowitz and Variant also participated in the funding round.
“Our mission has always been to make cryptocurrency more accessible, intuitive, and secure for everyone. This round of funding will allow us to further invest in innovation and ultimately modernize consumer finance,” said Brandon Millman, CEO of Phantom, in a Jan. 16 announcement.
The cryptocurrency wallet service provider said it would spend $150 million to launch its upcoming social discovery feature and simplify peer-to-peer payments for users.
source: vision
The $3 billion valuation is a 150% increase over the $1.2 billion valuation it obtained from its $109 million Series B funding round in January 2022.
Phantom currently has 15 million monthly active users and handles over $20 billion in annual swap trading volume.
The cryptocurrency wallet service provider claimed that its revenue and trading volume were “times higher” than rivals Coinbase Wallet and MetaMask combined in the final two months of 2024, when Republican Donald Trump won the US election.
Phantom briefly became the second most popular application in the Apple App Store Utilities section on November 20, when the cryptocurrency market cap was heading toward $4 trillion.
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Meanwhile, Phantom announced on December 6 that it would integrate layer-1 blockchain Sui, making it the fourth blockchain supported by Phantom behind the Bitcoin, Ethereum, and Solana networks.
Phantom was founded in San Francisco, California in 2021 by Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost.
Phantom also offers non-custodial services for users who wish to secure their non-fungible tokens.
On January 3, the company refuted rumors of a potential token launch to complement its social search feature, which is expected to launch in “early 2025.”
“We have seen some speculation about airdrops related to this feature, so to be clear, we have no plans to release tokens,” the non-custodial cryptocurrency wallet provider said in a Jan. 3 X post.
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