Solana’s Phantom Wallet Raked In $109 million From Its Series B Funding

Source : coingape.com

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Phantom wallet, a Solana native tokens wallet, has just announced the completion of a Series B funding round in which it raised $109 million. The funding round which was led by Paradigm and had a16z Variant, Solana Ventures, and Jump Capital in participation sees the crypto wallet reach unicorn status with a $1.2 billion valuation. Along with this announcement, Phantom also revealed that the mobile version of the Solana wallet was now available for iOS users.

Phantom wallet announces $109 million funding round and iOS version

In a blog post today, Phantom revealed that it had completed a $109 million Series B findings round led by Paradigm. The funding round also attracted venture capital firms like a16z, Variant, Solana Ventures, and Jump Capital. With the completion of the funding round, Phantom now has a valuation of $1.2 billion.

 Today, we are excited to announce Phantom’s $109M Series B led by Paradigm with participation from past investors including Andreessen Horowitz (a16z), Variant, Solana Ventures, and Jump Capital, the post said.

The post pointed out that Phantom was one of the fastest-growing crypto wallets having gained more than two million active users just six months after launch. It also revealed that the iOS version of the Solana wallet was now available for download. It adds that the Android version of the wallet would be released in the first half of 2022.

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The CEO of Phantom, Brandon Millman, maintains that this funding round will help the wallet accelerate the growth of the Web 3 ecosystem on Solana. The company has extensive plans to capitalize on the rapidly growing DeFi and NFT market on the Solana blockchain through 2022. Ultimately, Phantom plans to become a gateway to Web 3 for multiple blockchains outside of Solana. Phantom has support for Ethereum and EVM compatible blockchains lined up in its sights.

Phantom’s success is good news for Solana

Phantom has been a large part of the success of the Solana blockchain so far. Per data from Defillama, Solana ranks as the sixth biggest DeFi chain by total value locked (TVL), with over $8.71 billion staked. Phantom claims to have played a huge role in being the gateway through which the proof-of-history blockchain reached this figure.

Phantom wallet is also accompanying Solana NFTs to the biggest NFT marketplace in the crypto industry, OpenSea as recently leaked images indicate. The price of SOL seems to be reacting positively to the Phantom announcement. On the day, SOL is up 2.62% trading at around $97.46. Regardless, SOL has traded poorly this January as its price performance has been plagued by network congestion and the broader market crash. SOL is down around 42.8% year to date.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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