Phantom Technologies Raises $150 Million At $3 Billion Valuation

Phantom Technologies Raises $150 Million At $3 Billion Valuation

Key Points:

  • Phantom Technologies raised $150 million in a funding round led by Sequoia Capital and Paradigm, bringing its valuation to $3 billion.
  • The startup’s non-custodial wallet, which supports multiple blockchains, has gained popularity as users increasingly manage crypto assets directly.
According to Bloomberg, Phantom Technologies, a maker of cryptocurrency wallets, raised $150 million at more than a $3 billion valuation in a funding round led by Sequoia Capital and Paradigm. This is over double its valuation from 2022, which stood at $1.2 billion.

Read more: Phantom Wallet Integrates Sui Blockchain for Enhanced Performance  

Phantom Technologies Raises $150 Million at $3 Billion Valuation

Founded in 2021 by Brandon Millman, Chris Kalani, and Francesco Agosti, Phantom Technologies has raised more than $250 million in venture capital to date.

What initially had its focus on the Solana blockchain, this digital wallet extended its services to Ethereum and Bitcoin as well, marking a stronghold in the space of non-custodial wallets. Unlike other types, such as custodial wallets, a non-custodial wallet allows owners complete control over crypto assets.

New Funding to Drive Phantom’s Expansion

The fresh funding will be invested in expanding Phantom‘s market presence and adding more features to position the wallet as a crypto equivalent of a consumer finance app. The funding round comes as venture capital interest in cryptocurrency startups heats up for the first time since 2021, according to PitchBook.

The wallet recently experienced a surge in popularity to date, partly due to the broader crypto interest following expectations of a more favourable regulatory landscape under a new U.S. administration.

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