Digital asset wallet provider Phantom has raised $150 million in a Series C funding round led by Sequoia Capital and Paradigm, with Andreessen Horowitz and Variant also participating. The round values Phantom at $3 billion, a 150% increase from its previous $1.2 billion valuation in early 2022.
Phantom CEO Brandon Millman said the funding will help the company simplify peer-to-peer payments, and introduce new features that make cryptocurrency more accessible and secure. “This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance,” Millman said.
Founded in 2021 in San Francisco, Phantom currently supports Bitcoin, Ethereum, Solana, and the layer-1 blockchain Sui, which was added in December. The wallet provider has over 15 million monthly active users and handles more than $20 billion in annual swap volume. Phantom’s non-custodial services also allow users to secure and manage non-fungible tokens (NFTs).
In late 2024, Phantom reported higher revenues and trading volumes compared to its competitors, Coinbase Wallet and MetaMask. On November 20, the wallet briefly became the second-most popular app in the Apple App Store’s utilities section as the crypto market cap neared $4 trillion.
Despite speculation about a token launch, Phantom clarified in a Jan. 3 social media post that it has no plans to issue a token, even as it prepares to introduce its new social discovery feature in early 2025.
The news comes shortly after crypto payments firm MoonPay acquired blockchain-based e-commerce platform Helio Pay in a deal valued at around $170 million.
Helio Pay supports more than 6,000 e-commerce merchants and content creators, enabling payments in Bitcoin, Ether, stablecoins like USD Coin, and a wide range of other cryptocurrencies. One of its most key integrations is Solana Pay on Shopify, a platform with over 138 million monthly users. So far, Helio has handled over $1.5 billion in transactions, spanning e-commerce, digital goods, and subscriptions.
