Phantom Hits $3B Valuation After Major Series C Funding Round

Crypto wallet provider Phantom has raised $150 million in a Series C funding round led by Sequoia Capital and Paradigm, with participation from Andreessen Horowitz and Variant, pushing its valuation to $3 billion.

The company plans to use the funds to introduce new features like social discovery tools and simplified peer-to-peer payments.

Since its founding in 2021, Phantom has grown rapidly, boasting 15 million active users and handling over $20 billion in annual swap volume. Its valuation has soared from $1.2 billion in early 2022 to $3 billion, reflecting its expanding role in the crypto ecosystem.

Phantom’s performance surged during late 2024, outpacing rivals like Coinbase Wallet and MetaMask in revenue and trading volumes following increased market activity tied to the U.S. presidential election. In November, it briefly ranked as the second-most popular utility app on the Apple App Store.

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Recently, Phantom expanded its blockchain support by integrating Sui, alongside Bitcoin, Ethereum, and Solana. The company, which also offers non-custodial NFT services, dismissed rumors of a potential token launch, clarifying no such plans exist despite ongoing speculation.

With a focus on innovation and accessibility, Phantom is positioning itself as a leader in the evolving digital wallet space.

Alexander Zdravkov