Phantom wallet closes $109 million Series B at $1.2B valuation

Solana-based cryptocurrency wallet Phantom has finally hit unicorn status after raising $109 million in its Series B round led by Paradigm. Following the successful round, Phantom has brought the company’s valuation to $1.2 billion.

We are also excited to announce our $109M Series B led by @paradigm! Thanks to the 2M+ MAU in our community, Phantom has an opportunity to become the mainstream, user-friendly gateway to Web3. https://t.co/J0RyouBIo3

— Phantom (@phantom) January 31, 2022

With this, the Phantom’s total funding to date has reached $118 million, after previously raising $9 million in Series A funding led by a16z in July 2021.

Participants in the round included existing investors such as Andreessen Horowitz (a16z), Variant Fund, Jump Capital, DeFi Alliance, and Solana Ventures. With fresh funds, the project will focus on multi-chain support, hire more personnel and expand its user base.

In addition to the fundraising, Phantom also launched its iOS app on January 31 with plans to debut an Android app “shortly”. “These additional platforms will provide both promising avenues for user growth and opportunities to innovate on safety and security,” the announcement read.

In an interview with media outlet Blockworks, Phantom CEO Brandon Millman said the wallet is looking to add support for Ethereum Virtual Machine, or EVM ecosystem, directly competing with the EVM-compatible wallet MetaMask. He noted:

“Our original impetus was to be a MetaMask competitor, so we want to make moves to realize that and expand to other ecosystems sometime this year. Phantom was always meant to be the wallet we wanted to use coming from the Ethereum side, so we want to fulfill that.”

Per the announcement, Phantom has more than two million monthly active users in six months after launch. Its users have staked over 112.4 million SOL ($10.4 billion), swapped $1.37 billion in tokens, and made 55.2M NFT, DeFi, and app transactions.

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