Phantom, a leading cryptocurrency wallet, successfully raised $150 million in a Series C funding round, significantly increasing its market valuation.
Phantom's Increased Support
Phantom garnered attention through a new funding round, co-led by Sequoia Capital and Paradigm. As a result, the company's valuation rose to $3 billion from $1.2 billion in January 2022. The funds will be directed towards accelerating crypto adoption and strengthening its positions in decentralized finance (DeFi).
Expansion Beyond Solana
Initially focused on Solana, Phantom now supports a broader range of networks, including Ethereum, Coinbase’s Base, and the Sui protocol, enhancing its utility in the Web3 ecosystem. The integration of the Sui protocol helps support decentralized applications (dApps) on this network.
Strategic Focus on Expanding Services
With the new funding, Phantom plans to focus on expanding its crypto ecosystem, enhancing partnerships, acquiring new technologies, and refining its platform. The aim is to improve social features and peer-to-peer payment options, attracting users seeking simple and secure ways to engage with crypto.
With the new funding round, Phantom is strengthening its DeFi market position and expanding support for various blockchain networks, continuing to optimize its services.
