Cryptocurrency wallet supplier Phantom Applied sciences Inc. has raised $150 million in a brand new funding at a $3 billion valuation.
The Collection C spherical was led by Sequoia Capital and Paradigm. Andreessen Horowitz’s a16z crypto enterprise capital arm and Variant additionally participated within the spherical, which was introduced Wednesday.
Crypto wallets are important to the cryptocurrency business as a result of they permit customers to retailer the non-public keys for cryptocurrency transactions. In contrast to centralized exchanges and providers, Phantom gives software program that permits customers to privately management their very own property. That permits customers to entry, ship, obtain and monitor their tokens.
Phantom contains entry to quite a few cryptocurrencies from essentially the most well-known, such as bitcoin and Ethereum, to tons of of lesser-known crypto property. The wallet additionally permits customers to interact within the buy and commerce of nonfungible tokens, a sort of digital asset that may symbolize “intangible” merchandise similar to digital artwork, objects in video video games, collectibles, digital live performance tickets and even domains.
“Our mission has at all times been to make crypto extra accessible, intuitive and protected for everybody,” stated Chief Government Brandon Millman. “This newest spherical of funding permits us to speculate additional in innovation and finally modernize client finance.”
Phantom claims 15 million lively customers and $20 billion in annual commerce quantity. The corporate stated that in November and December, its lively merchants, buying and selling income, and buying and selling quantity exceeded these of different standard wallets, together with MetaMask and Coinbase Wallet mixed.
The corporate stated it’s going to use the financing to put money into new options for its platform together with a social discovery functionality. Phantom additionally stated it intends to simplify how peer-to-peer funds work between its customers in a bid to speed up the adoption of cryptocurrency finance.
In 2024, the corporate made its first two acquisitions: Bitski Inc. and Blowfish. Bitski gives embedded crypto wallet expertise that permits customers to register to apps utilizing e-mail addresses, or with their Apple, Google or X accounts. Blowfish is a belief and safety platform for cryptocurrency apps that provides superior safety towards fraud and scams.
Picture: Phantom
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