Phantom Crypto Wallet Marks $1.2 Billion Valuation: Report

Time Stamp: February 7, 2022 8:42 AM
Source Node: 1167820

The Phantom crypto wallet marked a $1.2 billion valuation as the investments in crypto are not complete really without a place to store the assets so let’s read further in today’s blockchain news.

A good crypto wallet will store your coins and will provide even more security that will make it hard for external invasion and the wallet could be either offline or online. Due to its relevance, a few crypto exchanges offer their customers online crypto wallet services which means that if you intend to use such wallets, you won’t have to move the tokens from the exchange platform. Some crypto networks will have wallets that consumers can use and one of them is Phantom from the Solana network.

With the rise in activities and the growth of DEFI operations on Solana, there’s a need for the network’s wallet. It forms an excellent sync to the rise of blockchains like Solana which has mroe than 415 billion in assets under control. This can help customers interact with the DEFI ecosystem through its provisions and also, the wallet creates unique integration of the Solana nascent DEXs and liquidity pools. The recent funding round of the Phantom wallet raised the market cap of the wallet to $1.2 billion. The new value came with another $109 million from the concluded Series B funding round.

Paradigm also led the financing round which led to a huge success so the power of the Phantom Crypto wallet height changed the status of the wallet to a crypto unicorn company. Phantom released an official blog post that outlines how the funds will be utilized to improve the technical capacity of the wallet. The deployment will enhance multiple blockchain security features and will assist users in uncovering defi apps. It will also help in the wallet’s team expansion and growth of the customer base.

Paradigm is the pioneer of the funding round as top investors all contribute to the success. Furthermore, there will be a launch on the iOS mobile app of the wallet and according to the Phantom announcement, the launch of the mobile application will facilitate the growth of the Solana network. Users will get support to execute their transactions at any given location and they will be able to send, receive and store tokens and NFTs.

crypto market
Cryptocurrency market to recover above $2 trillion Source Crypto Total Market Cap on TradingView.com

Phantom also has a plan to launch its Android wallet in one year and it mentioned that the latter could boost its mission of empowering the customer base but also offer unique opportunities for innovating safety and security. Phantom has more than 2 million active users daily and more than 12.4 million staked tokens worth $10.4 billion.

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