Sequoia and Paradigm Invest $150M in Phantom’s Future
Leading crypto wallet Phantom has completed a $150M Series C round. Backed by Sequoia Capital and Paradigm, the funds aim to advance social functionality and streamline blockchain payments.
On January 16, 2025, Phantom, the multi-chain crypto wallet, unveiled its $150 million Series C funding round, spearheaded by Sequoia Capital and Paradigm. Additional support came from Andreessen Horowitz and Variant, pushing the company’s valuation to an impressive $3 billion.
CEO Brandon Millman expressed Phantom’s dedication to making crypto intuitive and secure for all users. He stated that the funding would be instrumental in advancing innovation and improving financial tools for their growing user base.
The company disclosed plans to allocate $150 million toward expanding its social discovery capabilities and simplifying peer-to-peer transactions, all in an effort to enhance user convenience.
Unveiled on December 18, 2024, the social discovery feature enables users to build customized profiles, manage connections, and select privacy settings, ranging from public to private or invisible.
Some users have theorized that Phantom might integrate token-earning mechanics for subscriptions and followers, sparking speculation about a potential native token launch. Phantom has swiftly debunked these rumors.
Phantom — The Go-To Solution for Non-Custodial Wallets
Phantom is a dominant force in the non-custodial wallet space, prioritizing user control and security. Unlike centralized exchanges that manage assets on behalf of users, Phantom ensures that responsibility for crypto funds stays with the individual.
Initially focused on the Solana blockchain, Phantom has broadened its reach to include Ethereum, Base, Polygon, and Bitcoin. Plans are already underway to add support for emerging networks like Sui.
Phantom’s performance metrics illustrate its skyrocketing adoption:
- April 2024: 7 million monthly active users.
- November 2024: 15 million users actively engaging with the platform.
- November 20, 2024: Phantom briefly reached #2 in the Utilities category of the Apple App Store.
By November, the platform managed $25 billion in self-custodied assets and ranked 9th in the list of free iPhone apps.
Other Phantom stats according to Dune dashboard user @hashed_official. Source: dune.com
In November, Phantom faced an iPhone-specific issue where app resets caused some users to lose access to their wallets if they hadn’t recorded their seed phrases (the vital recovery key). One user reported losses amounting to $600,000.
The company, established in 2021 by Brandon Millman, Chris Kalani, and Francesco Agosti—previously part of the 0x team—has since attracted $250 million in venture investments. A 2022 Paradigm-led round pegged Phantom’s valuation at $1.2 billion.
With $268 million raised in total, Phantom’s valuation has now surged to $3 billion.
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