Phantom, a Solana wallet, obtains $109 million in new investment and develops an iOS app.

Phantom, a cryptocurrency wallet that allows users to access the Solana ecosystem, has secured $109 million in a Series B fundraising round, valuing the company at $1.2 billion.

Phantom, a Solana wallet, obtains $109 million in new investment and develops an iOS app
Phantom | Image: Phantom

Phantom's funding was led by Paradigm. Andreessen Horowitz (a16z), Variant Fund, Jump Capital, DeFi Alliance, and Solana Ventures were among the existing investors in the round.

Phantom's CEO Brandon Millman told The Block that this was an equity fundraising round that will help the company develop across many blockchains, including introducing support for Ethereum before the end of the year.

Phantom also plans to release an Android app in the first part of this year, according to Millman.

Phantom's iOS app was published today. The wallet, like Ethereum's MetaMask, began as a browser plugin in July of last year and has swiftly evolved to become the most popular Solana wallet.

Within six months of its introduction, Phantom claims to have amassed over two million monthly active users. ConsenSys introduced MetaMask in 2016 and expects to reach one million monthly active users in October 2020. It currently has around 21 million monthly active users.

Phantom is "doubling down" on Solana, according to Millman, by focusing on mobile apps and features that will help new users onboard more quickly.

Phantom is hoping to grow its existing team of 20 to at least 40 people soon to achieve its multichain support objectives. Millman said the company is hiring for a variety of positions, including engineering, operations, and customer service.

Phantom's total funding to date is $118 million, thanks to the Series B round. In July of last year, it received $9 million in Series A funding led by a16z.