Phantom Turns Out To Be the Preferred Wallet on Solana Blockchain
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- The firm said that it is expanding its mobile presence through iOS and Android apps.
- The wallet has continuously added 100,000 new members every week.
Investors and developers have paid a lot of attention to the Ethereum competitor over the past year, which has resulted in Phantom, one of the Solana ecosystem’s most popular wallet apps, gaining traction. However, the relative newcomer is also proving to be more volatile, with the token taking a particularly hard hit during the recent crypto crash.
Regular Funding From Capital Ventures
The crypto-startup in San Francisco is taking advantage of Solana’s attention to raise $109 million from Paradigm on a $1.2 billion valuation last week. Andreessen Horowitz invested $9 million in the company’s first round of funding six months ago. CEO Brandon Millman reports that the firm has continuously added 100,000 new members every week since it started with 40,000 active users and currently has 2.1 million.
The following important goal for Phantom is to expand its wallet’s capability to include another blockchain outside the Solana ecosystem. It’s unclear where the business plans to spend its resources, other than on adding support for a blockchain compatible with Ethereum’s EVM stack, where most crypto developers have been concentrating their efforts and where rivals like MetaMask are huge.
In addition to the revelation of the funding, the firm said that it is expanding its mobile presence by launching an iOS app broadly and an Android native app in the following months. Phantom’s website and Chrome extension attempt to attract a new generation of consumers into the crypto space. However, many in the ecosystem are still unsure whether the web3 industry is ready for a wave of less-technical participants.
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