Phantom cryptocurrency wallet raises $150M at $3B valuation – News

Cryptocurrency wallet provider Phantom Technologies Inc. has raised $150 million in a new funding at a $3 billion valuation.

The Series C round was led by Sequoia Capital and Paradigm. Andreessen Horowitz’s a16z crypto venture capital arm and Variant also participated in the round, which was announced Wednesday.

Crypto wallets are essential to the cryptocurrency industry because they allow users to store the private keys for cryptocurrency transactions. Unlike centralized exchanges and services, Phantom provides software that allows users to privately control their own assets. That allows users to access, send, receive and track their tokens.

Phantom includes access to numerous cryptocurrencies from the most well-known, such as bitcoin and Ethereum, to hundreds of lesser-known crypto assets. The wallet also allows users to engage in the purchase and trade of nonfungible tokens, a type of digital asset that can represent “intangible” products such as digital art, items in video games, collectibles, virtual concert tickets and even domain names.

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

Phantom claims 15 million active users and $20 billion in annual trade volume. The company said that in November and December, its active traders, trading revenue, and trading volume exceeded those of other popular wallets, including MetaMask and Coinbase Wallet combined.

The company said it will use the financing to invest in new features for its platform including a social discovery capability. Phantom also said it intends to simplify how peer-to-peer payments work between its users in a bid to accelerate the adoption of cryptocurrency finance.

In 2024, the company made its first two acquisitions: Bitski Inc. and Blowfish. Bitski provides embedded crypto wallet technology that allows users to sign in to apps using email addresses, or with their Apple, Google or X accounts. Blowfish is a trust and security platform for cryptocurrency apps that offers advanced protection against fraud and scams.

Image: Phantom