Cryptocurrency wallet provider Phantom Technologies Inc. has successfully closed a $150 million Series C funding round**, catapulting its valuation to **$3 billion. The investment was co-led by Sequoia Capital and Paradigm, with participation from a16z Crypto and Variant.
Key Developments
Funding Utilization:
- Develop innovative features to enhance user experience.
- Streamline peer-to-peer (P2P) payments.
- Expand technological capabilities via acquisitions (Bitski Inc. and Blowfish).
Market Position:
- 15 million active users and $20 billion annual transaction volume.
- Outperformed competitors (MetaMask, Coinbase Wallet) in Q4 2023.
Why Phantom Stands Out
- Self-Custody: Users retain full control of private keys, ensuring asset security.
- Multi-Asset Support: From Bitcoin and Ethereum to 500+ altcoins and NFTs.
- NFT Integration: Trade digital art, collectibles, and virtual event tickets seamlessly.
Strategic Acquisitions
| Company | Specialty | Benefit to Phantom |
|--------------|-----------------------------------|----------------------------------|
| Bitski | Embedded wallet logins (Email/SSO)| Frictionless user onboarding |
| Blowfish | Fraud prevention for crypto apps | Enhanced security for transactions|
Future Roadmap
- Social Discovery: New features to connect users within the ecosystem.
- P2P Payments: Faster, intuitive transfers to drive crypto adoption.
"Our goal is to make crypto accessible, secure, and intuitive for everyone."
— Brandon Millman, CEO of Phantom
FAQs
Q1: How does Phantom ensure security?
A: Phantom uses self-custody wallets, meaning users alone control their private keys—unlike centralized exchanges.
Q2: What cryptocurrencies does Phantom support?
A: From major tokens (BTC, ETH) to niche altcoins and NFTs.
Q3: How will the $150M funding be used?
A: For R&D, P2P payment upgrades, and integrating Bitski/Blowfish technologies.
👉 Explore Phantom’s Latest Features
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