cryptovibes.com
Non-custodial crypto wallet, Phantom, has announced the completion of a $109 million Series B funding round. According to the platform, the funding will be used to support the Ethereum ecosystem and accelerate its cross-platform expansion.
The funding now brings the firm’s valuation to $1.2 billion. Chief Executive Officer of Phantom, Brandon Millman, stated that the funding will also be used to grow the company’s workforce and bring better app discovery to its wallet.
The funding round was led by Paradigm while existing investors like Solana Ventures, DeFi Alliance, Jump Capital, Andreessen Horowitz, and Variant Fund also participated in the round.
Millman highlighted that it was an equity funding round, which will enable the platform to expand across multiple blockchains. In addition to the availability of its app on iOS devices, Phantom is looking to roll out its Android app in the first half of the year.
The wallet was initially launched as a browser extension in July 2021, but it has now incorporated all the features of a standard app. Since its launch, it has gradually become the top Solana wallet, just like Ethereum’s MetaMask.
Phantom Records Increased The Number Of Users
Phantom says its user base has also grown over the past few months. The platform claimed to have over 2 million monthly active users within only six months since it was launched.
This growth is following the path of MetaMask, which witnessed a similar influx of users shortly after its launch. MetaMask was rolled out by ConsenSys in 2016. By October 2021, it has hit one million active monthly users. Today, the platform boasts over 21 million monthly active users.
Phantom To Offer Support To Decentralized Finance
Millman also noted that Phantom is “doubling down” on Solana as it focuses on mobile apps as well as other features that will help users gain a better experience. The company is also serious about accelerating the growth of the web3 ecosystem.
Phantom has also been designed to support the growing world of decentralized Finance (DeFi). The company wants to channel some of its resources to the development of this sector as it feels more organizations will enter the DeFi space in the future.