Key Takeaways:
- Massive Funding Success: Phantom Wallet raised $150M in a Series C round led by Sequoia and Paradigm, boosting its valuation to $3B—a 150% increase from 2022.
- Growth Milestones: With 15M monthly users and $20B in annual swap volume, Phantom outperforms competitors in revenue and trading volumes.
- Future Innovations: Funds will enhance peer-to-peer payments, add social discovery features, and expand blockchain integrations like Sui.
Phantom Wallet, a digital asset wallet provider, raised $150 million in a Series C funding round led by Sequoia Capital and Paradigm, with participation from Andreessen Horowitz and Variant, bringing its valuation to $3 billion.
This marks a significant 150% increase from its $1.2 billion valuation in January 2022.
We're thrilled to share we've raised a $150M Series C at a $3B valuation, co-led by @sequoia and @paradigm.
— Phantom (@phantom) January 16, 2025
This milestone accelerates our mission to build the world’s biggest and most-trusted consumer finance platform. pic.twitter.com/REIt4wqeGh
CEO Brandon Millman highlighted the company’s mission to make crypto more accessible and its plans to invest in innovation.
The funds will support new features, including a social discovery tool and simplified peer-to-peer payments.
Founded in 2021 in San Francisco, Phantom boasts 15 million monthly active users and over $20 billion in annual swap volume.
In late 2024, its revenue and trading volumes outperformed competitors. The company also briefly became the second-most popular utility app on the Apple App Store in November 2024, reflecting a crypto market surge.
In December 2024, Phantom expanded its blockchain support by integrating Sui, adding to its compatibility with Bitcoin, Ethereum, and Solana.
Phantom clarified that it has no plans to launch a token, addressing speculation tied to its upcoming social feature in 2025.
The wallet also offers non-custodial services for NFTs, aligning with its commitment to user security and accessibility.