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Phantom, Solana ecosystem wallet, has secured $109 Million

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Phantom, a cross-platform Solana wallet developed for DeFi and NFTs, has attained fairy level after being valued at $1.2 billion.

Phantom, a cross-platform software wallet and browser extension, has secured $109 million in Series B funding to extend its cross-platform features far above Solana.

Paradigm, an investment group focused on crypto and Web3 firms, headed the funding round. Andreessen Horowitz, Jump Capital, and Variant Fund are among the venture capital firms that have previously backed Phantom.

The financing, according to Phantom, will be used to develop the wallet's technological capacity, including such improved app discovery, and also allow the firm to recruit more employees.

Phantom revealed on Monday that its mobile app for iOS devices is now available, in addition to its investment round.

Phantom now has over 2 million monthly active users, more than doubling its user base in just three months. Adoption of the Solana ecosystem, particularly around non-fungible tokens, or NFTs, is responsible for a significant part of the growth. According to DappRadar, Phantom supports Solanart, a Solana-based NFT marketplace that ranks seventh in terms of the trading volume.

Even though NFT trade volumes have dropped in past months as the crypto markets have cooled, Phantom co-founder and CEO Brandon Millman stated that general adoption of the software wallet is "still really strong" and that the "NFT ecosystem has played a huge role."  “While the market is down a bit, some NFT collections have really held their value and even grown”, he added.

Phantom has also been modified to serve the expanding sector of decentralized finance (DeFi), another major segment that has calmed significantly in recent months. According to DeFi Llama, the decentralized financial sector has dropped more than 30% of its total value secured, or TVL, since its peak in the 4th quarter.

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