Solana wallet Phantom brings valuation to $1.2B after $109M Series B

Phantom announced that it has raised US$109 million in Series B funding led by investment firm Paradigm to raise its valuation to US$1.2 billion, the Solana-based crypto wallet announced on Monday.

Fast facts

• Its app also launched for iOS devices on Monday after its browser extension wallet on Solana gained nearly 2 million monthly users in the first six months after launch — making it the most widely used Solana wallet.

• Non-custodial crypto wallets allow users to take ownership of their own cryptocurrency on apps or hardware to perform transactions without centralized service providers.

• Users of the iOS app can store, send and receive SPL tokens — which allows users to create fungible tokens on Solana — stake Solana’s native token SOL and access dApps in the Solana ecosystem.

• SOL is a top 10 cryptocurrency with a market cap of over US$30 billion, whose price jumped more than 10% in the past 24 hours to trade at US$102 at press time, according to CoinMarketCap.