Phantom Wallet, one of the most popular cryptocurrency wallet applications today, has announced that it has successfully completed a Series C funding round, raising an additional $150 million from major funds including Sequoia Capital, Paradigm, Variant, and a16z. The project's valuation has been increased to $3 billion.
This is Phantom's third fundraising round in its history, following a $9 million Series A round in 2021, followed by a $109 million Series B round in 2022 with a valuation of $1.2 billion.
The newly raised funds will be used by Phantom to launch new features, improve the user experience of the application, and simplify the payment process using the wallet.
We're thrilled to share we've raised a $150M Series C at a $3B valuation, co-led by @sequoia and @paradigm.
— Phantom (@phantom) January 16, 2025
This milestone accelerates our mission to build the world's biggest and most-trusted consumer finance platform. pic.twitter.com/REIt4wqeGh
Phantom also shared additional achievements it has accomplished over the past period, with a total of 15 million monthly active users, an annual swap volume of $20 billion, 850 million on-chain transactions processed, and $25 billion in assets under management for its customers.
Notably, during the November and December 2024 period, Phantom confidently stated that its user numbers, trading volume, and revenue exceeded the combined figures of MetaMask and Coinbase Wallet.
Phantom's co-founder and CEO, Brandon Millman, stated that the growth in Phantom's user base is reflecting a clear trend of crypto investors directly purchasing assets through wallets, rather than using large exchanges.
Over the past year, Phantom has carried out two acquisition deals, including the embedded wallet solution Bitski and the anti-fraud tool Blowfish, with the aim of bringing additional features and improving the security level for users.
In addition to the Solana blockchain, Phantom has also expanded to new platforms, including Bitcoin, Ethereum, Base, and Sui.
Phantom's announcement of this "massive" fundraising round is the first of its kind in 2025. The team behind the wallet has denied any plans to issue a token.
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