Today, Phantom disclosed they have secured a Series C investment worth $150 million, aiming to grow into the global leader of consumer finance platforms.
The business intends to confront this significant undertaking by pursuing additional takeovers and direct purchases of smaller entities, expanding its infrastructure and enhancing its security measures.
Phantom Wallet’s Latest Funding Round
Known as Phantom Wallet, a popular non-custodial wallet within the Solana network, has previously aimed for lofty objectives following significant funding rounds. Approximately one year after its debut, the company secured $109 million in capital, which was then utilized to strengthen its cross-chain approach.
Phantom is still expanding this, adding SUI last month, and now it’s set a more ambitious goal.
Brandon Millman, our co-founder and CEO, stated that we’ve always aimed to make cryptocurrency more user-friendly, secure, and approachable for all. This fresh injection of funds enables us to pour even more resources into technological advancements, with the ultimate goal of modernizing personal finance.
To put it simply, Phantom Wallet aims to challenge conventional financial systems (TradFi) during this funding round. This new capital will be utilized to strengthen existing collaborations and make strategic purchases for further growth.
In the construction of new infrastructure and enhancement of security, its latest purchases have been instrumental. Phantom is eager to expand upon these achievements.
Previously this month, the CEO of FalconX forecasted a surge of mergers in the cryptocurrency sector because of advantageous market circumstances. Undeniably, this strategy aligns perfectly with that anticipated trend.
In this latest funding round, Phantom garnered an amount equivalent to some major investments anticipated for 2024, with big-name investors like a16z on board. Additionally, the company’s income stream has consistently grown over the past year.
While Phantom aims for lofty objectives, a single round of funding may not tackle all its difficulties. Back in August, the company faced criticism following a broad issue that displayed inaccurate balances on users’ accounts.
Approximately two months on, it encountered yet another significant technical glitch, adding significantly to the growing discontent within the community.
Essentially, the precise use of the $150 million investment by Phantom remains unclear at this point. Their most explicit objectives revolve around speeding up the integration of cryptocurrencies and challenging the traditional financial system (TradFi).
Initially, Phantom plans to introduce social exploration tools aimed at drawing in new users, along with streamlined person-to-person payment options.
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2025-01-17 21:36