Phantom crypto wallet raises $150M in Series C at $3B valuation

Digital asset wallet Phantom announced has raised $150 million from a Series C funding round led by venture capital firms Sequoia Capital and Paradigm, valuing the firm at $3 billion.

Andreessen Horowitz and Variant also participated in the funding round.

“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’s CEO Brandon Millman said in the Jan. 16 announcement.

The crypto wallet service provider said it would use the $150 million to launch its soon-to-be-released social discovery feature and simplify peer-to-peer payments for its users.

The $3 billion valuation marks a 150% increase from the $1.2 billion valuation it obtained from its $109 million Series B funding round in January 2022.

Phantom currently boasts 15 million monthly active users and handles over $20 billion in annual swap volume. 

The crypto wallet service provider claimed its revenue and trading volumes for the final two months of 2024 — when Republican Donald Trump won the US presidential election — were “multiples higher” than competitors Coinbase Wallet and MetaMask combined.

Phantom briefly became the second-most popular application in the Apple App Store’s utilities section on Nov. 20 when the crypto market cap was pushing toward $4 trillion.

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Meanwhile, Phantom announced on Dec. 6 that it would integrate layer-1 blockchain Sui, making it the fourth blockchain that Phantom supports behind the Bitcoin, Ethereum and Solana networks.

Phantom was founded in 2021 in San Francisco, California, by Millman, chief product officer Chris Kalani and chief technology officer Francesco Agost.

Phantom also provides non-custodial services for users looking to secure their non-fungible tokens.

On Jan. 3, the company refuted rumors of a potential token launch to complement its incoming social discovery feature, which will launch sometime in “early 2025.”

“We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the non-custodial crypto wallet provider said in a Jan. 3 X post.

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