Solana Wallet Phantom Raises $109M in Series B Funding Round

Solana crypto wallet, Phantom raised $109 million in a recently concluded series B funding round, according to an official post.

The fundraising project, led by crypto and Web3 based investment firm, Paradigm also had other investors like a16z, Variant, Solana Ventures, and Jump Crypto. The $109 million funds raised brought the platform’s worth to $1.2 billion.

Phantom Wallet, recently launched by Solana Blockchain to help users on the platform send, receive, store, swap, and stake tokens, has gained popularity, serving as an alternative to Ethereum-based MetaMask.

The platform has gained more than 2 million monthly active users within the period of launching, claiming to be a “user-friendly gateway to Web3”. Users on the platform have made about 55.2M NFT, DeFI, and app transactions, staked over 112.4 million SOL worth about $10.4 billion, and also swapped $1.37 billion in tokens.

To make Web3 more mainstream, the platform also launched its mobile app, which is made available to iOS devices, with promises to make the app available to Android devices later on.

The official post said concerning the deal with Phantom and the Series B investors,

“The team at Phantom is honored to work with these incredible partners and to have their trust in executing our vision to bring Web3 to the broader world. It is clear that the explosive adoption of NFTs and DeFi has underscored the tremendous role crypto wallets have in providing a user experience that is safe, fun, and easy-to-use.”

The network behind Phantom Crypto Wallet and Solana recorded a massive surge in daily transactions conducted on its DeFi apps (dApps). The record was obtained from about eight Solana-based programs that processed more than 2 million transactions with the Pyth oracle network and its over $37 million daily transactions taking the lead.

In another report, a famous tech blogger revealed that the world’s largest platform for trading Non-Fungible Tokens (NFT), OpenSea, is most likely working on introducing Solana and native Web3 wallet Phantom into its platform.

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