Solana-based Phantom Wallet Hits $1.2B Valuation Following a $109M Funding Round

Solana ecosystem wallet, Phantom, has recently raised $109 million in a Series B funding round led by the crypto venture capital firm, Paradigm.

Phantom Hits $1.2 Billion Valuation

With the latest cash injection, Phantom has now attained the status of a crypto unicorn firm, as the funding brings its market value to $1.2 billion.

In an official blog post published on Monday, Phantom noted that the funds raised will be used to improve the wallet’s technical capabilities. These include boosting user experience and security on multiple blockchains, helping users to discover decentralized applications (dApps), and expanding its team as the Phantom user base continues to grow.

Paradigm, a16z, and Others Invest in Phantom

The funding round also saw contributions from several top investors, including Andreessen Horowitz (a16z), Variant, Solana Ventures, and Jump Capital.

“The team at Phantom is honored to work with these incredible partners and to have their trust in executing our vision to bring Web3 to the broader world. It is clear that the explosive adoption of NFTs and DeFi has underscored the tremendous role crypto wallets have in providing a user experience that is safe, fun, and easy-to-use,” the project noted.

Phantom Launches iOS Mobile App

In addition to the funding, Phantom revealed the launch of its iOS mobile app, which will allow users to store, send, and receive tokens and NFTs, as well as stake SOL. The non-custodian crypto wallet initially announced plans to roll out a mobile application last November to enhance the growth of the Solana ecosystem.

Boasting over two million daily active users, Phantom has continued to enjoy the popularity and growing acceptance of the Solana network, especially through DeFi protocols, developers, and the NFT space.

Currently, Phantom users have staked over 112.4 million SOL worth a whopping $10.4 billion, swapped $1.37 billion in tokens, and made 55.2M NFT, DeFi, and app transactions.

Phantom also revealed plans to launch its Android wallet later this year, boosting its mission to “empower” new users with the most widely utilized Solana crypto wallet.

According to Phantom, the launch of these additional platforms will help it facilitate new avenues for growing its user base while also providing opportunities to innovate on safety and security.