Last December especially saw cryptocurrencies doing incredibly well, with Bitcoin, the crypto king, hitting the $100,000 mark. As 2025 kicks into full gear, another aspect of the crypto space—crypto companies—are also recording massive feats, from Sygnum becoming a unicorn to the most recent news involving crypto wallet company Phantom.
According to a January 16 announcement by Phantom’s CEO Brandon Millman, the company has raised $150 million from a Series C funding round, which has now raised its valuation to $3 billion.
Venture capital firms Sequoia Capital and Paradigm led the funding round, which also included Andreessen Horowitz and Variant.
In his announcement, Milman said, “Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance,”
Speaking on the newly gotten funding, Phantom said that it would use the funds to launch its highly anticipated social discovery feature and simplify peer-to-peer payments for its users.
Phantom was worth $1.2 billion as of January 2022. However, the company is now worth $3 billion, an impressive 150% increase since then. It also currently has about 15 million monthly active users and over $20 billion in annual swap volume.
Aside from the latest round of funding, Phantom also seems to be doing well in terms of revenue and trading values. The company claims its revenue and trading volumes for October and December 2024 were “multiples higher” than those of Coinbase Wallet and MetaMask, its two biggest competitors.
Apparently, the firm attributed the surge in revenue to the results of the 2024 presidential election as it stated that its rise in revenue came around the time Donald Trump won the election.
Phantom hitting #1 isn’t just hype—it’s proof that web3 is breaking into the mainstream. The real signal is clear: adoption is here. 👻🔛🔝
— Scarlet (@Crypto_scarlet) November 20, 2024
The crypto wallet service provider even became the second most popular app in the Apple Store’s utilities section on November 20.
Last year, Phantom announced that it would integrate layer-1 blockchain Sui into its services. When this happens, Sui will become its fourth supported blockchain after Bitcoin, Ethereum, and Solana.
wen sui? soon 🌊 👻 pic.twitter.com/o7MtPMkfpS
— Phantom (@phantom) December 5, 2024
Phantom has existed since 2021. It was founded in San Francisco, California, by CEO Milman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost.
Apart from its wallet services, Phantom also provides non-custodial services for its users who want to secure their NFTs.
In other news, the company has also once been linked to a token launch, which was described as being launched to complement its incoming social discovery feature, which is set to be released sometime later in the year. Phantom has, however, refuted those rumors, distancing itself from the news of any potential token launches.
We're thrilled by the enthusiasm for following users on Phantom!
— Phantom (@phantom) January 3, 2025
It's a huge step for us toward making crypto more personal and user-friendly. By simplifying how you share and discover with friends, we aim to dramatically improve how users find new tokens and apps.
We've seen…
In a January 3 X post, Phantom stated, “We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token.”
HODL Team
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
