Phantom announced on X that it has secured new funding, raising $150 million in a Series C round at a valuation of $3 billion. The new round of funding was co-led by Sequoia and Paradigm. Launched in 2021, Phantom has reportedly skyrocketed to the top of the App Store download charts, with numerous new investors actively participating in its funding.
Phantom disclosed data indicating 15 million monthly active users, with $20 billion in swaps (exchange transactions) annually, an average of twelve app openings per user each day, and 850 million on-chain transactions alongside $25 billion in self-custodied assets. It emphasized that the active users, transaction revenues, and transaction volumes in November and December of last year surpassed the combined totals of MetaMask and Coinbase Wallet by several times. Phantom started with the development of the Solana wallet and now supports cross-chain transactions with Ethereum and Polygon.
Founder Brandon Millman stated in a public post that the acquisitions of Bitski and Blowfish will create a more secure platform for consumer engagement, and the new funding will continue to be invested in technology development and acquiring other innovative tech teams. Before founding Phantom, Brandon Millman was an engineer at Twitter (X), where he established search, recommendation, and social features, later leading the Ox development team to build a decentralized exchange.
Phantom’s Next Funding Will Focus on Building a Global Consumer Finance Platform
Brandon Millman expressed that Phantom aims to make it easier for everyone to access the platform, making it more intuitive and secure. The new round of funding will allow Phantom to further invest in innovation, modernizing consumer finance.
Phantom Aims to Accelerate Cryptocurrency Adoption
Phantom plans to continuously invest the new funds in technology and is preparing to build the next generation of consumer finance platforms. In 2024, Phantom acquired Bitski and Blowfish, with the aim of establishing infrastructure and ensuring the security of cryptocurrencies. Phantom intends to continue building strategic partnerships to create infrastructure that is more aligned with mainstream consumer finance. New features will further revolve around the “social discovery” capabilities for its 3.8 million “user domains” (Usernames).
What are Bitski and Blowfish?
Bitski is an embedded wallet provider co-founded by Donnie Dinch, Julian Tescher, and Patrick Tescher in 2016. The company has developed Web 3 products for Adidas and the American Professional Football League and is strongly backed by A16z.
Blowfish provides secure authentication, previewing transaction information for users while offering security alerts to prevent fraud. Fabio Berger, co-founder and CEO of Blowfish, stated that directly embedded wallets can enhance user security in ways that standalone companies cannot achieve.
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