Cryptocurrency wallet provider Phantom Technologies Inc. has raised $150 million in a brand new funding at a $3 billion valuation.
The Series C round was led by Sequoia Capital and Paradigm. Andreessen Horowitz’s a16z crypto enterprise capital arm and Variant also participated within the round, which was announced Wednesday.
Crypto wallets are essential to the cryptocurrency industry because they permit users to store the private keys for cryptocurrency transactions. Unlike centralized exchanges and services, Phantom provides software that permits users to privately control their very own assets. That permits users to access, send, receive and track their tokens.
Phantom includes access to quite a few cryptocurrencies from probably the most well-known, such as bitcoin and Ethereum, to lots of of lesser-known crypto assets. The wallet also allows users to have interaction in the acquisition and trade of nonfungible tokens, a sort of digital asset that may represent “intangible” products resembling digital art, items in video games, collectibles, virtual concert tickets and even domains.
“Our mission has at all times been to make crypto more accessible, intuitive and secure for everybody,” said Chief Executive Brandon Millman. “This latest round of funding allows us to take a position further in innovation and ultimately modernize consumer finance.”
Phantom claims 15 million lively users and $20 billion in annual trade volume. The corporate said that in November and December, its lively traders, trading revenue, and trading volume exceeded those of other popular wallets, including MetaMask and Coinbase Wallet combined.
The corporate said it would use the financing to take a position in recent 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 speed up the adoption of cryptocurrency finance.
In 2024, the corporate made its first two acquisitions: Bitski Inc. and Blowfish. Bitski provides embedded crypto wallet technology that permits users to register to apps using email addresses, or with their Apple, Google or X accounts. Blowfish is a trust and security platform for cryptocurrency apps that gives advanced protection against fraud and scams.
Image: Phantom
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