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Solana Wallet Phantom Raises $109 Million, Bringing Valuation to $1.2 Billion

Solana-centric crypto wallet Phantom has raised $109 million in a Series B funding round led by Paradigm, earning the project unicorn status.

2 min read
Phantom is a crypto wallet for the Solana ecosystem. Image: Shutterstock

Crypto wallet Phantom has announced a $109 million Series B funding round led by Paradigm, an investment firm focused on crypto- and Web3-related companies.  

The funding round brings the project’s valuation to a whopping $1.2 billion. 

“It’s amazing to see the expansive growth that has happened in just under a year since our beta launch,” said Brandon Millman, CEO of Phantom, in a prepared statement. 

The Phantom wallet gives Solana traders the ability to interact with decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). 

Phantom is to Solana what MetaMask is to Ethereum. Users can take out loans, earn interest on tokens and trade with other users. 

Phantom enjoys funding, new functionality

In addition to the funding news, the wallet provider also announced today the public availability of its app for iOS devices. Through the wallet's iOS app, users can store, send and receive tokens and NFTs—as well as stake Solana (SOL). 

“With the launch of our mobile application, we aim to create the cross-platform entry point for mainstream consumers to interact with blockchain apps,” Millman added. 

Fred Ehrsam, co-founder and managing partner at Paradigm, is equally optimistic. 

He described crypto wallets as “on a path to become the container for everything in your digital life” and believes wallets like Phantom are necessary to bring “billions more people into crypto.” 

Previously, Chris Kalani—chief product officer and Phantom co-founder—said the wallet recently hit 1.2 million weekly users. 

Last week, leaked images showed that NFT marketplace OpenSea may soon be adding support for Solana NFTs and Phantom—despite the marketplace being an Ethereum-focused ecosystem. 

“Since Phantom’s launch in early 2021, the team has consistently raised the bar for wallet usability. Phantom is the most widely used wallet on Solana, and the team is one of the best at harnessing Solana’s unparalleled performance to deliver a world-class UX,” said Raj Gokal, Solana co-founder.

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