Solana ecosystem wallet Phantom raises $109M

Software wallet and browser hold Phantom has raised $109 cardinal successful Series B financing to proceed expanding its cross-platform capabilities beyond Solana. 

The backing circular was led by Paradigm, an concern steadfast focused connected cryptocurrency and Web3 companies. Other task firms to person supported Phantom successful anterior backing deals see Andreessen Horowitz, Jump Capital and Variant Fund.

According to Phantom, the backing volition assistance heighten the wallet’s method capabilities, specified arsenic amended app discovery, arsenic good arsenic let the institution to prosecute further employees.

In summation to its backing round, Phantom besides announced Monday that its mobile app is present disposable for iOS devices.

Phantom presently boasts of implicit 2 cardinal monthly progressive users, having doubled its idiosyncratic number successful little than 3 months. Much of that maturation is tied to Solana ecosystem adoption, particularly astir nonfungible tokens, oregon NFTs. Phantom provides enactment to Solanart, a Solana-based NFT marketplace that presently ranks eighth successful presumption of commercialized volume, according to DappRadar.

— Phantom (@phantom) November 6, 2021

While NFT commercialized volumes person weakened successful caller months amid a wide cooldown successful the crypto markets, Phantom co-founder and CEO Brandon Millman told Cointelegraph that wide adoption of the bundle wallet is “still truly strong” and that the “NFT ecosystem has played a immense role.” He added that, “while the marketplace is down a bit, immoderate NFT collections person truly held their worth and adjacent grown.”

Related: Got crypto? Here are 3 bundle wallets for storage, staking and swapping

Phantom has besides been optimized to enactment the increasing satellite of decentralized concern (DeFi), which is different country of the marketplace that has cooled considerably successful caller months. When measured successful presumption of full worth locked, oregon TVL, the decentralized concern manufacture has mislaid implicit 30% from its highest successful the 4th quarter, according to DeFi Llama.