Solana Ecosystem Wallet Phantom has Secured $109M
Bengaluru, January 31, 2022: Phantom, digital wallet which is a cross-platform as well as web plugin, had raised 109 M USD in B Series financing to expand its cross-platform capabilities across Solana.
An investment firm, Paradigm, focusing on cryptocurrencies as well as Web3 firms, headed the financing round.
Readers may be familiar with Ethereum, a network infrastructure which simulates banking activities without the use of banks. Ethereum, on the other hand, makes use of smart contracts. Solana offers the very same service, but at a far lower cost and with much faster transactions. These blockchain systems, on the other hand, employ various crypto wallets due to their differences. Phantom is the finest wallet to be used with Solana.
Phantom is indeed a wallet as well as browser plugin for the Solana blockchain that could be used to manage virtual assets as well as access decentralised applications.
It involves allowing users to keep funds as well as sign transactions by organizing and maintaining private keys on their behalf.
The funding, as per the Phantom, would be used to improve the wallet’s technological abilities, including such improved application discovery, also allow the company hire additional staff. Phantom also officially announced that its mobile application is also now available for iOS devices, in addition to its fundraising round.
Phantom currently alone has 2 M unique visitors, almost as much as doubled its customer base in less than 3 months. But most of this growth is primarily a result of something like the Solana environment, notably in the domain of NFTs. Phantom offers Solanart, a NFT system which is based on Solana that ranked eighth in trading volume terms, as per the DappRadar.
Regardless of the fact that NFT transaction volumes had also started to wane in over the last week as that the cryptocurrency markets had also cools down, Phantom’s co-founder as well as CEO known as Brandon Millman stated that overall implementation of the app wallet is “still very much powerful,” with the “NFT ecosphere also playing a huge role,” as per Millman. “While the economy goes down slightly,” he added, “particular NFT holdings have truly maintained and sometimes even increased in price.”
Millman has been formerly a technical lead at 0x, a platform for creating decentralised exchanges, in which he used MetaMask significantly. He created a new wallet because of his dissatisfaction with MetaMask and its concentration on Ethereum. Because there’s less rivalry, he selected Solana for Phantom’s early support.
Phantom is hoping to increase its existing workforce of 20 to at least 40 people in the near future to achieve its multichain support objectives. Millman has said that the company is hiring for a variety of positions, such as engineering, operations, as well as customer service.
Phantom’s total funding to date is $118 million, mainly due to the Series B round. In July of last year, it received $9 million in Series A funding headed by a16z. Phantom, according to Millman, has no plans to raise additional funding in the foreseeable future. He indicated there is no specific plan then for a native token launch when asked about it. However, Millman told The Block in September that issuing a token is “absolutely on the table.”
Phantom has already been modified to accommodate the developing area of DeFi, some other specialized sector that really has witnessed tremendous warming in previous weeks.According to the DeFi Llama, its DeFi industry has lost more than 30 percent of its TVL, from its very peak in the fourth quarter.
Is Phantom Wallet a Safe Option?
Phantom is a secure browser wallet whose code has been audited separately by Kudelski Security (a top software auditing company).It also offers secured secret keys that are stored on the phone as just a self-custodial account, giving you greater freedom. The wallet is indeed intended to prevent consumers from inadvertent actions that might resulting in monetary losses.