Solana Wallet Phantom Raises $9M to go Multi-Chain

Solana Wallet Phantom Raises $9M to go Multi-Chain

News

Key Takeaways

Phantom has closed a $9 million Series A funding round led by Andreessen Horowitz. The team will allocate the fresh capital towards growing its team, adding new features, and supporting new blockchains. The funding should help Phantom gain ground in the crypto wallet space.

Share this article

Solana-based crypto wallet Phantom has raised $9 million in a Series A funding round led by Andreessen Horowitz.

Phantom Wallet to Go Multi-Chain 

Phantom, a Solana-based crypto wallet, has closed a $9 million Series A funding round. The raise was led by Andreessen Horowitz (a16z), with participation from Solana Foundation, Variant Fund, Jump Capital, and DeFi Alliance.

Garry Tan, the co-founder of Initialized Capital and former partner at Y Combinator, also participated alongside several other angel investors.

Phantom is a blockchain wallet that lets users interact with various dApps on Solana, including decentralized exchanges, NFT platforms, and blockchain games. The wallet is supported on popular browsers like Google Chrome, Brave, Firebox, and Microsoft Edge.

According to the Phantom team, the wallet has acquired 40,000 users since its beta launch in Apr. 2021 after receiving a $500,000 grant from Solana Foundation.

The team says it will allocate the fresh capital towards expanding the team and supporting new blockchains, starting with Ethereum and its Layer 2 solutions.

Additionally, the wallet will add new features such as crypto staking and integration with hardware wallets like Ledger. Later this year, Phantom will release mobile apps for iOS and Android platforms and introduce a fiat onramp through Moonpay.

Arianna Simpson, a partner at a16z, said that the investment firm was “excited to partner” with Phantom, adding:

“Phantom’s mission is to provide a beautiful, easy-to-use wallet that bridges assets and gives users a seamless experience, allowing them to switch between networks without confusion and participate more actively in on-chain activity.”

a16z is among the most influential venture capital firms in Silicon Valley. Since launching, it’s invested in many tech unicorns. In recent years, it’s become more focused on crypto, recently leading Solana’s $314 million token sale and establishing a $2.2 billion crypto fund. Scoring such an established lead investor could help Phantom gain a competitive edge in the fast-growing space of web-based crypto wallets. Projects like MetaMask, WalletConnect, and Fortmatic currently dominate the sector.

MetaMask, which is a ConsenSys venture, has been particularly successful: it has five million monthly users that access Ethereum, and EVM-compatible chains like Polygon, Binance Smart Chain, Fantom, and xDai.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Solana Closes $314 Million Funding Round

Solana Labs has raised over $314 million in a funding round led by Andreessen Horowitz and Polychain Capital. Solana Announces Fundraiser Solana Labs has raised a nine-figure sum in a…

Andreessen Horowitz Launches $2.2 Billion Crypto Fund

After successfully exiting Coinbase, venture capitalist Andreessen Horowitz has launched a new $2.2 billion crypto fund to invest in blockchain and digital asset startups.  Venture Fund’s Bullish Crypto Bet  Andreessen…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

MetaMask Ethereum Wallet Hits 5 Million Monthly Users

MetaMask has seen its usage stats grow significantly over the past six months, according to a report from ConsenSys. Usership Grows Five-Fold In the past six months, MetaMask usage has…

Binance

Source link

Latest Crypto News


Popular Links

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments