Monday, February 26

DEAL: Solana’s ecosystem wallet, Phantom, clinches unicorn status as it raises $109 million

Phantom, a software wallet and browser extension for the Solana ecosystem has raised $109 million in Series B financing which puts the firm at unicorn status as it is valued at $1.2 billion.

The funding round was led by Paradigm, an investment firm focused on cryptocurrency and Web3 companies. Other venture firms to have supported Phantom in prior funding deals include Andreessen Horowitz, Jump Capital and Variant Fund.

According to Phantom, the funding will help enhance the wallet’s technical capabilities, such as better app discovery, as well as allow the company to hire additional employees. The funds will also help Phantom to continue expanding its cross-platform capabilities beyond Solana.

What you should know

  • In addition to its funding round, Phantom also announced today that its mobile app is now available for iOS devices.
  • Phantom currently boasts of over 2 million monthly active users, having doubled its user count in less than three months. Much of that growth is tied to Solana ecosystem adoption, especially around Non-Fungible Tokens (NFTs). Phantom provides support to Solanart, a Solana-based NFT marketplace that currently ranks eighth in terms of trade volume, according to DappRadar.
  • While NFT trade volumes have weakened on the Solana ecosystem in recent months, Phantom co-founder and CEO Brandon Millman, in an interview with Cointelegraph, stated that overall adoption of the software wallet is “still really strong” and that the “NFT ecosystem has played a huge role.” He added that, “while the market is down a bit, some NFT collections have really held their value and even grown.”
  • Phantom has also been optimized to support the growing world of decentralized finance (DeFi), which is another corner of the market that has cooled considerably in recent months, due to the decline since in the cryptocurrency market. When measured in terms of total value locked (TVL), the decentralized finance industry has lost over 30% from its peak in the fourth quarter, according to DeFi Llama.

Solana’s SOL token is currently trading $91.55, down 2.88% for the day, as of the time of this writing.