Solana Based Wallet Phantom Acquires $109 Million in Funding

Decentralized Price Oracles From Chainlink Now Accessible on Solana
  • Phantom now counts over a whopping 2 million monthly active users. 
  • The company’s iOS app was released on Monday.

Solana-based wallet Phantom has received $109 million in Series B funding to extend its cross-platform capabilities outside Solana. Paradigm, an investment company specializing in crypto and Web3 firms, led the fundraising round. 

Along with Andreessen Horowitz, Jump Capital, and Variant Fund, Phantom has received earlier financing from the above-mentioned and other venture capital companies. Phantom claims that the funds will be used to improve the wallet’s technological capabilities, such as enhanced app discovery and recruit more people. 

A little more than three months after doubling its user base, Phantom now counts over a whopping 2 million monthly active users. Solana ecosystem adoption, particularly around non-fungible tokens (NFTs), is a major development driver.

$1.2 Billion Valuation

According to DappRadar, Solanart, a Solana-based NFT marketplace to which Phantom assists, ranks eighth in trade volume. Another industry area that has seen significant development in recent months is decentralized finance (DeFi), which Phantom has been tailored to accommodate.

According to DeFi Llama, the decentralized finance sector has lost more than 30 percent of its value in the fourth quarter. After securing a $1.2 billion valuation in his company’s most recent fundraising round, CEO Brandon Millman has his eyes set on Ethereum. The wallet is also moving to the mobile platform: The company’s iOS app was released on Monday. Millman’s team of 20 or so is expected to release an Android version of Solana’s most popular crypto wallet in the upcoming months.

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