Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Solana Wallet Phantom Raises $9M To Go Multi-Chain

By Crypto BriefingCryptocurrencyJul 15, 2021 01:46AM ET
www.investing.com/analysis/solana-wallet-phantom-raises-9m-to-go-multichain-200591581
Solana Wallet Phantom Raises $9M To Go Multi-Chain
By Crypto Briefing   |  Jul 15, 2021 01:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

With a $9 million investment, Solana-based crypto wallet Phantom has plans to go multi-chain.

Key Takeaways

  • Phantom has closed a $9 million Series A funding round led by Andreessen Horowitz.
  • The team will allocate the fresh capital towards growing its team, adding new features, and supporting new blockchains.
  • The funding should help Phantom gain ground in the crypto wallet space.

Phantom Wallet To Go Multi-Chain

Phantom, a Solana-based crypto wallet, has closed a $9 million Series A funding round. The raise was led by Andreessen Horowitz (a16z), with participation from Solana Foundation, Variant Fund, Jump Capital, and DeFi Alliance. Garry Tan, the co-founder of Initialized Capital and former partner at Y Combinator, also participated alongside several other angel investors.

Phantom is a blockchain wallet that lets users interact with various dApps on Solana, including decentralized exchanges, NFT platforms, and blockchain games. The wallet is supported on popular browsers like Google Chrome, Brave, Firefox, and Microsoft Edge.

According to the Phantom team, the wallet has acquired 40,000 users since its beta launch in April 2021 after receiving a $500,000 grant from Solana Foundation.

The team says it will allocate the fresh capital towards expanding the team and supporting new blockchains, starting with Ethereum and its Layer-2 solutions.

Additionally, the wallet will add new features, such as crypto staking and integration with hardware wallets like Ledger. Later this year, Phantom will release mobile apps for iOS and Android platforms and introduce a fiat onramp through Moonpay.

Arianna Simpson, a partner at a16z, said that the investment firm was “excited to partner” with Phantom, adding:

“Phantom’s mission is to provide a beautiful, easy-to-use wallet that bridges assets and gives users a seamless experience, allowing them to switch between networks without confusion and participate more actively in on-chain activity.”

a16z is among the most influential venture capital firms in Silicon Valley. Since launching, it’s invested in many tech unicorns. In recent years, it’s become more focused on crypto, recently leading Solana’s $314 million token sale and establishing a $2.2 billion crypto fund.

Scoring such an established lead investor could help Phantom gain a competitive edge in the fast-growing space of web-based crypto wallets. Projects like MetaMask, WalletConnect, and Fortmatic currently dominate the sector.

MetaMask, which is a ConsenSys venture, has been particularly successful: it has five million monthly users that access Ethereum, and EVM-compatible chains like Polygon, Binance Smart Chain, Fantom, and xDai.

Original Post

Solana Wallet Phantom Raises $9M To Go Multi-Chain
 

Related Articles

Jason Sen
Cryptocurrencies Forecast By Jason Sen - Sep 28, 2021 2

Bitcoin still holding first resistance at 43500/44000 which keeps pressure to the downside. Ripple still holding first resistance at 9800/9900 in what appears to be a negative bear...

Naeem Aslam
Cryptos Continues To Struggle By Naeem Aslam - Sep 28, 2021

Bitcoin prices have recovered from the drop caused by the People's Bank of China's (PBOC) declaration that cryptocurrencies are illegal. By prohibiting Chinese citizens from...

Solana Wallet Phantom Raises $9M To Go Multi-Chain

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email