Phantom wallet raises $9 million, plans support for Ethereum blockchain

Phantom, the blockchain-based Solana (SOL) digital wallet, raised $9 million in a Series A funding round led by investment fund Andreessen Horowitz (a16z). The project team wants to take the opportunity to strengthen its workforce and offer support for the Ethereum blockchain (ETH) and its second-layer solutions.

A successful first fundraiser

Phantom is a digital cryptocurrency wallet based on the Solana (SOL) blockchain that provides decentralized finance (DeFi) applications. In a statement posted on their blog, we learn that the project raised $9 million in a Series A funding round.

We're excited to announce our $9M Series A! An investment led by @AriannaSimpson at @a16z with participation from @variantfund, @jumpcapital, @defialliance, @solana, @garrytan, @rleshner, @AntonioMJuliano, @ForrestBrowning and @alexadelman https://t.co/nuB0dlQfq7
— Phantom (@phantom) July 14, 2021

This operation was orchestrated by Andreessen Horowitz (A16z), an investment fund that has already supported Solana Labs in raising $314 million last June. Other participants include Variant Fund, Jump Capital, DeFi Alliance, and the Solana Foundation.

With the new capital on hand, Phantom plans to expand into other networks, including Ethereum and all-new second-layer solutions, “by the fall of this year.”

“We are currently evaluating a number of layer two solutions and sidechains, including Polygon, Arbitrum, Optimism, and ZK Sync,” said Brandon Millman, CEO of Phantom.

Phantom continues its development on Solana

Besides expanding to the Ethereum ecosystem, another major plan for Phantom is to continue to innovate on its Solana ecosystem by introducing new features. We find in particular the addition of SOL staking directly via the wallet.

According to the press release, the Phantom team is also looking into the monetization of its cryptocurrency exchanger directly integrated into the wallet. In addition, its CEO Brandon Millman also appears to be interested in the NFT sector, which he describes as “an exciting new area of experimentation.”

As part of its development plans and facilitating its accessibility to ordinary users, Phantom is also planning to launch its mobile application for iOS and Android.

“With the world moving towards a multi-channel future, the strong interest from participants in our beta indicates that our team has designed a DeFi wallet for the masses, a wallet that is in a unique position to deliver value to users unlike any other. related product in the market,” Millman said of Phantom’s business model.

Phantom launched its beta in April of this year and has garnered over 40,000 users and 70,000 registrations. Multi-channel support and user-centric approach are Phantom’s competitive advantages for its development potential in the future.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.