Phantom Wallet Secures Massive Funding Round at $3 Billion Valuation
Phantom Wallet has announced a huge funding round, securing $150 million at a valuation of $3 billion. This Series C round was spearheaded by the venture capital heavyweights Sequoia Capital and Paradigm, with additional participation from a16z and Variant, highlighting the growing confidence in the crypto wallet's future.
Phantom Wallet, under the leadership of co-founder and CEO Brandon Millman, has emerged as a leading player in the crypto wallet space. According to Millman, the surge in Phantom's popularity signifies a broader trend where individuals are increasingly choosing to purchase cryptocurrencies directly from their digital wallets rather than relying on exchanges like Coinbase. This shift underscores a move towards greater user autonomy and security in managing digital assets.
Expanding Horizons with New Capital
With this influx of capital, Phantom Wallet is poised to make substantial investments aimed at accelerating the adoption of cryptocurrency. The goal is clear: to become the world's largest and most trusted consumer finance platform. The company's strategy includes leveraging its position to enhance user experience and security, particularly on the Solana blockchain where it has already established significant dominance. Phantom Wallet's commitment to becoming the go-to crypto wallet is backed by impressive user metrics; it boasts 15 million monthly active users and manages a staggering $25 billion in self-custody assets.
This achievement not only positions Phantom Wallet as a leader in the crypto wallet domain but also reflects the broader market's readiness to embrace decentralized finance solutions. In November, the app's popularity was such that it ranked ninth among free iPhone apps, a testament to its widespread acceptance and usability among iOS users.
The funding round for Phantom Wallet marks the most substantial investment in the crypto sector for the year 2025 so far, outpacing other recent investments like that of Sygnum Bank, which announced a $58 million raise in a strategic growth round earlier this week. This investment landscape suggests a robust interest from venture capitalists in blockchain and crypto technologies, especially in solutions that offer users control over their financial assets.