Phantom, a cryptocurrency wallet that allows users to access the Solana ecosystem, has raised $109 million in a Series B funding round, valuing the company at $1.2 billion.
Phantom, a cross-platform software wallet and browser extension, has raised $109 million in Series B funding to expand its cross-platform capabilities beyond Solana.
Phantom’s funding was led by Paradigm. Andreessen Horowitz (a16z), Variant Fund, Jump Capital, DeFi Alliance, and Solana Ventures were among the existing investors in the round.
This was a round of equity funding that would help Phantom expand across various blockchains, including adding Ethereum compatibility, as well as improve the wallet’s technological capabilities, such as better app discovery, and allow the company to hire more staff.
Phantom also announced on Monday that the iOS version of their mobile app is now available. The wallet, like Ethereum’s MetaMask, began as a browser plugin in July of last year and has swiftly evolved to become the most popular Solana wallet.
Within six months of its introduction, Phantom claims to have amassed over two million monthly active users. ConsenSys introduced MetaMask in 2016 and expects to reach one million monthly active users in October 2020. It currently has around 21 million monthly active users.
Phantom is hoping to increase its existing workforce of 20 to at least 40 people in the near future to achieve its multichain support objectives. Millman said the company is hiring for a variety of positions, including engineering, operations, and customer service.
Phantom’s total funding to date is $118 million, thanks to the Series B round. In July of last year, it received $9 million in Series A funding led by a16z. Phantom, according to their CEO, Millman, has no plans to raise additional funding in the foreseeable future.
He indicated there is no specific plan yet for a native token launch when asked about it. However, Millman said in September that issuing a token is “absolutely on the table.”