Solana’s Phantom Wallet Receives $150 Million in Funding

Phantom announced today that it received $150 million in Series C funding and intends to become the world’s largest consumer finance platform.

The company plans to tackle this ambitious challenge by conducting more buyouts and direct acquisitions of smaller firms, building its infrastructure and security.

Phantom Wallet’s Latest Funding Round

Phantom Wallet, a widely used non-custodial wallet in the Solana ecosystem, has used major funding rounds to set ambitious goals before. Around a year after its launch, the firm received a $109 million cash injection and used it to further its multichain strategy.

Phantom is still expanding this, adding SUI last month, and now it’s set a more ambitious goal.

“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,” claimed co-founder and CEO Brandon Millman.

In short, Phantom Wallet wishes to use this round of funding to take on traditional finance (TradFi) institutions. Specifically, it will use the latest funding to intensify its strategic partnerships and outright acquisitions.

Its most recent acquisitions played a “pivotal role” in building new infrastructure and security, and Phantom wants to go further.

Earlier this month, FalconX’s CEO predicted a wave of consolidation in the crypto industry due to favorable market conditions. This plan certainly fits the bill for that trend.

Phantom received as much funding in this round as some of the largest investments in 2024, and its backers include prominent names like a16z. The platform’s revenue has also sustainably increased throughout the last year.

Phantom Wallet Monthly Revenue Throughout 2024. Source: DefilLama

Although it has set ambitious goals, one successful round of funding might not solve all of Phantom’s challenges. Last August, the firm attracted flak after a widespread glitch showed incorrect balances on user accounts.

Less than two months later, it suffered another major technical problem, which greatly contributed to community frustration.

Ultimately, there are still no concrete details on how Phantom would spend this $150 million in funding. Its most specific stated goals are accelerating crypto adoption and taking on TradFi.

In the short-term, Phantom wishes to start with social discovery features to attract new users, and simplified peer-to-peer payments.