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Solana’s Phantom App Raises $109 Million, Launches iOS App

After reaching 2 million active users in just six months after launch, Phantom released more big news.

The crypto wallet for Solana’s ecosystem raised $109 million from investors while also launching an iOS app.

The firm raised the money in a Series B funding round. Paradigm led the financing round, and a crypto/web3 focused investment firm valued the company at $1,2 billion.

Earlier investors also participated, including a16z of Andreessen Horowitz, Variant Fund, DeFi Alliance, Jump Capital, and Solana Ventures.

Phantom will use the funding to innovate, especially in user experience. They will also scale their team, particularly product development and community support.

They will also use the money to onboard users and developers to Web 3. Phantom hopes that the funding will help achieve its vision of “bringing Web3 to the broader world.”

Web3 is a potential future internet based on decentralized protocols instead of centralized platforms. Some in the crypto space call it the future of the internet.

For that reason, Phantom wants to become the “mainstream, user-friendly gateway to Web 3.”

It is clear that the explosive adoption of NFTs and DeFi has underscored the tremendous role crypto wallets have in providing a user-experience that is safe, fun, and easy-to-use

Mobile Launch

An essential step in achieving that vision is launching Phantom on all mobile platforms.

That is why they are excited about their iOS launch. Moreover, the company revealed that the Android launch is coming soon.

We couldn’t be more excited about the potential for mobile to empower a whole new set of users and use cases for Phantom. These additional platforms will provide both promising avenues for user growth and opportunities to innovate on safety and security.

Phantom advertises its app as a convenient way for users to browse through their NFTs, use their dApps, and more.

The company believes that it can help onboard new users and developers to Web3.

Collectively, our users have staked over 112.4 million SOL ($10.4 billion), swapped $1.37 billion in tokens and made 55.2M NFT, DeFI and app transactions.

In November 2021, the company revealed its plans to expand to mobile.

Interestingly, the company’s CEO said that NFTs contributed to the decision.

As Phantom CEO Brandon Millman explained, NFT drops happen at all times of the day.

If someone’s at work, they can’t participate if they don’t have their laptop.

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Now, iPhone users can use Phantom on their devices. Android users are coming next.

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