Phantom wallet secures $150M in Series C and the valuation hits $3 billion

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Key Takeaways:

Phantom completed a Series C funding round, raising $150 million and reaching a $3 billion valuation, reflecting its new trajectory for expansion.
With the help of the funds collected, Phantom is well on its way to realizing its dream of making worldwide the first house of consumer finance- beyond just being a cryptocurrency wallet.
Powered by Solana, Phantom’s user-centric approach leverages Solana’s fast and low-cost blockchain technology to enhance user experience.

Table of Contents

Phantom Wallet Raises $150 Million in Its Pursuit of Global Financial Leadership

Phantom raised $150 million in its Series C funding, led by prominent venture capital firms Sequoia Capital and Paradigm.

Beyond Crypto: A Vision to Disrupt Traditional Finance

The investment will improve Phantom’s profits and help it remain in the top of crypto wallets. Conversely, the company has detailed a rather wide strategic vision characterized by the main goal of becoming the world’s largest consumer finance platform. This big dream, as per the words of a Phantom CEO named Brandon Millman, reflects the company’s intention to “pour money mostly into innovation and, in the end, bring the industry up to date,” showing its shift from just a crypto-led business to general finance technology.

It is noteworthy that this strategic transformation occurs in line with the cryptocurrency industry that is currently concentrating on the task of connecting the two parallel worlds – decentralized finance (DeFi) and traditional finance (TradFi). The action plan of Phantom is, on the other hand, a strong “blow” to already working financial institutions which claim to be the only safe place for the users who are trying to cope with the rapid changes in our financial world – the crypto spot being the very first one.

Phantom raises $150M in Series C

The Phantom Phenomenon: A Story of User-Centric Design and Solana Power

Phantom founded in 2021 has grown dramatically and is now widely used.

Phantom’s Impressive Market Performance

Phantom holds a significant market position, driven by user-centric design and leading trading volume, with:

15 million monthly active users which represents the increase in popularity and customer retentions in a tough environment.
$20 billion in annual swap volume indicating a high-activity rate on the network, thus many transacts are being completed per unit time.
$25 billion in self-custody assets showing the confidence of the users in Phantom’s security and self-custody solutions, and this is one of the things Phantom is good at.
Market-leading trading volume, which even surpassed market leaders MetaMask and Coinbase Wallet at the end of 2024.

Phantom held the App Store No. 2 position among the utilities category in November 2024 on Apple platforms mainly due to the rapid expansion of its user base and the overall wave of crypto adoption.

Strategic Initiatives for Future Growth and Expansion

Phantom aims to build on its current success and reach new milestones. The company is set to use its newly acquired funds to define its growth plan through those key strategically initiatives it, therefore, has in mind:

Strategic Acquisitions: In 2024, Bitski and Blowfish were strategic acquisitions made by Phantom. These acquisitions strengthened Phantom’s security and foundational infrastructure, supporting its goal of mainstream adoption. The company plans to stick to this strategy, by buying companies that can aid in its mission of the mainstream integration.
Enhanced Social Features: Phantom is working on a feature that will connect users with each other making the process of social discovery more seamless. The idea is that about 3.8 million usernames, which is close to the total user base size, will be used for this social interaction, and these users will be actively involved in the content discovery in the crypto sector as well. This means the social discovery aspect of our feature will facilitate the discovery that users are seeking and will also play a connecting role in the digital currency network where personal interaction is made.
Simplified Peer-to-Peer Payments: The Phantom team, when asked about their primary focus, said they aimed at “making it as easy as possible for a user in the street to transact peer-to-peer with crypto” which they would be able to then send directly to their family and friends. Their main concern was to create a simple and intuitive environment for people to interact with each other through peer-to-peer cryptocurrency payments.

Phantom stands out for its forward-thinking approach, creating technology that is accessible and beneficial to both crypto enthusiasts and traditional finance users.

In summary

Phantom’s latest funding round and strategic objectives indicate a significant change in the cryptocurrency market. Phantom’s dedication to enhancing user comfort, combined with strategic acquisitions, a growing market share, and visionary ambition, positions it among the leading players in the financial technology space. The company’s mission is to democratize access to cryptocurrencies and financial services, positioning it to turn this vision into reality soon.\