Solana’s Phantom Wallet mobilizes 150 million USD for development

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

The company intends to achieve this challenging goal by making more direct acquisitions and mergers with smaller companies, while also building out its infrastructure and security.

Phantom Wallet’s Latest Fundraising Round

Phantom Wallet, a popular non-custodial wallet in the Solana ecosystem, has used large funding rounds to set ambitious goals before. About a year after launch, the company received a $109 million investment to advance its multi-chain strategy.

Phantom is still expanding on this strategy, adding SUI last month, and now, they’re launching one target more ambitious.

“Our mission has always been to make cryptocurrency accessible, intuitive and secure for everyone. This latest round of funding allows us to further invest in innovation and ultimately modernize consumer finance,” said co-founder and CEO Brandon Millman.

In short, Phantom Wallet wants to use this funding round to take on traditional financial institutions (TradFi). Specifically, they will use this new capital to strengthen strategic partnerships and make radical acquisitions.

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

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

Phantom has received the equivalent of some of the largest investments of 2024, and its investors include prominent names like a16z. The platform’s revenue has also grown steadily throughout the past year.

Despite its lofty goals, a successful funding round may not solve all of Phantom’s challenges. In August last year, the company faced criticism after a widespread issue caused incorrect balances to be displayed on user accounts.

Less than two months later, they encountered another major technical issue, contributing significantly to the community’s frustration.

Finally, there is still no specific information on how Phantom will use this $150 million in capital. Their most obvious goals are to drive cryptocurrency adoption and take on TradFi.

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