Phantom Wallet, one of the most popular cryptocurrency wallet applications today, has successfully raised $150 million in a Series C funding round, boosting its valuation to an impressive $3 billion. This new figure more than doubles the company’s valuation from its previous funding round in 2022.
The Series C round attracted major investors, including Sequoia Capital, Paradigm, Variant, and a16z, marking Phantom’s third funding milestone. Previous rounds include a $9 million Series A in 2021, followed by a $109 million Series B in 2022, which valued the company at $1.2 billion.
New Funding to Enhance User Experience
The newly raised capital will be used to roll out new features, enhance the wallet’s user experience, and streamline payment processes. These improvements aim to solidify Phantom’s position as a leader in the crypto wallet space.
Stellar Growth and Achievements
Phantom has also shared impressive metrics from recent operations:
- 15 million monthly active users
- $20 billion in annual swap volume
- 850 million on-chain transactions processed
- $25 billion in customer assets managed
In November and December 2024, Phantom’s user base, transaction volume, and revenue reportedly surpassed the combined figures of MetaMask and Coinbase Wallet, showcasing its dominance in the crypto wallet market.
A Changing Trend in Crypto Investment
Brandon Millman, co-founder and CEO of Phantom, highlighted a notable shift in crypto investment behavior. “Our growth reflects a clear trend of investors purchasing assets directly through wallets rather than relying on major exchanges,” said Millman.
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Strategic Acquisitions and Expansion
In 2024, Phantom made two significant acquisitions:
- Bitski Wallet Embed Solution – To enhance wallet integration features.
- Blowfish Anti-Phishing Tool – To improve security measures for users.
Originally focused on the Solana blockchain, Phantom has since expanded to support Bitcoin, Ethereum, Base, and Sui, broadening its appeal to a wider audience.
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The First Big Funding Announcement of 2025
Phantom’s announcement marks the first major funding news of 2025. Despite rumors earlier this month, the Phantom team has firmly denied any plans to release a token.
With this significant funding round and continued growth, Phantom Wallet is well-positioned to remain a key player in the evolving crypto ecosystem.
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