Solana Based Crypto Wallet Phantom Raises $9M to Scale Operations
Jimmy AkiJuly 15, 2021Non-custodial wallet Phantom has raised $9 million in Series A funding led by Andreessen Horowitz (A16z).
A16z Leads Phantom’s Series A FundingThe funding round was led by Andreessen Horowitz (A16z) and had participation from Variant Fund and the Solana Foundation.
Phantom plans to use the fresh capital to expand the team, develop new features, and integrate other blockchains. The firm also said that it would introduce Ethereum and Ethereum layer-two scaling solutions and sidechains.
The digital wallet startup said in a blog post that it would continue innovating on its Solana ecosystem. It would also release mobile apps for iOS and Android platforms and a fiat onramp through Moonpay. Phantom said,
“First, we want to continue to innovate on the Solana experience we offer today with the addition of in-wallet staking, integration of more markets and liquidity into the in-wallet swapper, more onramp options, mobile apps, and the addition of a seamless Solana / Ethereum bridge.”
Phantom is a digital wallet that enables users to interact with various decentralized applications (dApps) on Solana, including decentralized exchanges, NFT platforms, and blockchain games.
The wallet was founded by software engineers Brandon Millman and Francesco Agosti and product designer Chris Kalani. Phantom is supported on popular browsers like Google Chrome, Brave, Firefox, and Microsoft Edge.
The wallet has acquired 40,000 users since its beta launch in April 2021 after receiving a $500,000 grant from Serum and Solana.
Phantom Working On Onboarding More UsersPhantom has recently been prioritizing simplicity in onboarding more wallet users. The firm integrated with FTX Pay recently, allowing users to transfer $SOL, $USDC, and $USDT directly from FTX.
With the Solana blockchain expanding lately, Phantom aims to bring multi-chain support to its community, especially between Solana and Ethereum.
Solana is an advanced open-source blockchain project focused on providing a highly scalable, secure, and maximally decentralized platform. The blockchain is seen by many as a significant competitor to Ethereum because it processes transactions faster and at lower costs.
Solana has also received massive support from investors, venture capitalists, and other market participants recently. Last month, the firm raised $314 million from several investors to accelerate the adoption of its protocol.
Solana has also welcomed new offerings. Tokenization firm Digital Assets AG (DAAG) recently announced its tokenized stock services expansion into the Solana blockchain. The 55 Solana-based tokenized stocks are now available for users on the crypto exchange FTX.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. When not immersed in the daily events in the crypto scene, he can be found watching legal reruns or trying to beat his Scrabble high score.
Author: Arden Fleishman