Phantom wallet, supporting Solana, raises $9 million in Series A funding

Karthik Subramanian

Phantom, a crypto wallet with a browser extension that currently supports the Solana blockchain, has raised $9 million in its Series A funding round.

solana

This investing round was led by Andreesen Horowitz (A16z) along with other investors like Variant Fund, Solana Foundation, and others. It is also believed that other angel investors including Coinbase investor, Garry Tan, and investors from Compound and Ethereum foundation also participated in this round of funding.

The wallet plans to expand to other networks including Ethereum and other layers 2 solutions like Polygon as it continues to grow and expand and it is believed this multi-chain support in the wallet would be available by the end of the year.

Phantom CEO Brandon Millman said, “We are currently engaging with and evaluating several layer-two solutions, and sidechains, including Polygon, Arbitrum, Optimism, and ZK Sync”.

The company also plans to continue development within the Solana ecosystem and provide more features and functions for its users as it continues to build its products and associated features. These include in-wallet staking, token swapper, and an asset bridge that will help users to switch assets between Ethereum and Solana.

The company’s revenue model revolves around monetizing the token swapper and also looking to collect some revenue from the staking features as well though it believes NFTs could also bring in revenue in the future. The wallet is also looking to launch its mobile version in the coming months.

“We are moving to more and more of a multi-chain world … Users need a way to seamlessly operate applications that live across these different networks, and we believe the wallet is the best place to solve this unique challenge,” Millman said.

Multi-chain support would become key for all wallets and other related dapps in the future as more and more blockchains appear on the horizon and users would not want to be restricted to a specific token or a blockchain in their usage. It is important that the wallets not only bring in multi-chain support but also make it as user-friendly as possible to help the different blockchains to grow and this is very important for the blockchain ecosystem as a whole.

With Solana entering the picture as a major blockchain in recent times, one of its priorities would be to bring multi-chain support in as many wallets as possible, especially between Solana and Ethereum so that users are comfortable using both and this would in turn help to push up their usage.

Read this next

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

<