Phantom Crypto Wallet Raises $150M in Series C, Valued at $3B

Phantom, the popular non-custodial crypto wallet provider, has successfully secured $150 million in its Series C funding round, propelling the company's valuation to $3 billion. The round was led by venture capital giants Sequoia Capital and Paradigm, with additional participation from Andreessen Horowitz and Variant.

Founded in 2021, Phantom has quickly gained traction, boasting 15 million monthly active users and managing over $20 billion in annual swap volume. The company is positioning itself as a key player in the evolving digital finance landscape, with a clear mission to make cryptocurrency more accessible, intuitive, and secure for everyday users.

Brandon Millman, Phantom’s CEO, highlighted the significance of the Series C investment: “Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance.”

Phantom intends to use the new funding to roll out a highly anticipated social discovery feature and enhance its peer-to-peer payment capabilities. This feature, expected to launch in early 2025, aims to simplify the way users connect and transact within the crypto ecosystem.

The $3 billion valuation marks a substantial growth for Phantom, reflecting a 150% increase from its $1.2 billion valuation in January 2022 following its Series B round, which raised $109 million. The company’s rapid expansion is a testament to the growing demand for user-friendly crypto solutions.

Phantom’s strong performance is also evident in its recent achievements. In late 2024, the wallet provider reported that its revenue and trading volumes significantly outpaced competitors such as Coinbase Wallet and MetaMask, particularly during the final months of the year when political and market factors, including the U.S. election, stirred volatility. Notably, Phantom became the second-most popular app in the Apple App Store's utilities section on November 20, 2024, when the global crypto market cap neared $4 trillion.

In addition to its core wallet services, Phantom has made strategic moves to broaden its ecosystem. On December 6, 2024, the company announced the integration of the layer-1 blockchain Sui, becoming the fourth blockchain supported by the wallet, alongside Bitcoin, Ethereum, and Solana.

Despite speculation, Phantom has been clear in denying any plans to launch a token, refuting rumors of an airdrop tied to the upcoming social discovery feature. In a January 3 post on X (formerly Twitter), the company stated, “We do not have any plans to launch a token,” reassuring users of its commitment to its non-custodial approach.

As Phantom continues to innovate and expand, it remains focused on its goal of modernizing consumer finance and simplifying the user experience in the rapidly evolving world of digital assets. With the backing of prominent investors and a growing user base, Phantom is well-positioned to lead the next phase of cryptocurrency adoption.