Crypto wallet Phantom bags $150m in $3 billion valuation to take on traditional finance

With $150 million in new funding, Solana-focused wallet Phantom aims to take on traditional finance as the next-gen consumer finance platform.

Phantom, the crypto wallet launched in 2021, has raised $150 million in its Series C funding round, co-led by Sequoia Capital and Paradigm, with participation from existing backers including a16z crypto and Variant.

The funding, which brought the wallet’s valuation to $3 billion, will help Phantom accelerate crypto adoption and work toward becoming the world’s biggest consumer finance platform, the developers said in a blog announcement. Phantom has grown rapidly since its debut, attracting 15 million monthly active users, $25 billion in self-custody assets, and $20 billion in annual swap volume by making crypto “safe and easy to use.”

“Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately, modernize consumer finance.”

Brandon Millman, CEO and co-founder of Phantom

With the new funding, the wallet plans to push crypto adoption even further, with the team plan on focusing on partnerships, acquisitions, and build the “next-generation consumer finance platform.” Additionally, Phantom wants to make “additional strategic investments” into “social discovery features” around its 3.8 million usernames as well as “simplifying peer-to-peer payments,” the developers said.

The move follows Phantom’s recent addition of support for the Sui protocol, aimed at expanding unified crypto storage and trading across web3. While the wallet started out as Solana-focused, it has since broadened its support to include networks like Ethereum, Coinbase’s layer-2 Base, and more.