Solana Supported Phantom Wallet Received $109 Million In Its Series B Funding

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Solana supported Phantom Wallet Received $109 Million In Its Series B Funding.  Now it stands on a total worth of $1.2 Billion along with gaining unicorn status. 

Solana, Phantom Wallet, Crypto Series B Funding
Solana Supported Phantom Wallet Received $109 Million In Its Series B Funding. Image Source: Cryptonomist

Successfully, one of the leading wallets for the Solana ecosystem. The phantom wallet has received $109 Million in its Series B funding. Now, it can further proceed to enlarge its cross-platform potential beyond Solana.

Further, the Series B funding was run by a paradigm, that is an investment firm that is centered on digital assets and Web.30 companies. Also, the other venture firms that backed phantom in previous funding deals were  Andreessen Horowitz, Jump Capital, and Variant Fund.

Where This Solana-Supported Phantom Wallet Series B Fundings Will Be Utilized?

Solana-supported Phantom told that these fundings will be used in improving the technical abilities of the crypto wallets. Like Improved app discovery, and empowering the firm to add more employees.

Solana Supported Phantom Wallet’s New IOS Based Development:

After the announcement about its Phantom wallet’s gain in Series B funding. The phantom revealed that its mobile application is now available for IOS-based devices. 

Additionally phantom has up to 2 Million active users monthly. Also in less than three months, it has increased twice its users. As the majority of the development is attached to the Solana ecosystem adoption, specifically, around NFTs. Additionally, As per the Dapp report, the Phantom backed Solanart, an NFT Marketplace, which is currently standing in 8th number in terms of its trading volume. 

Further, during the massive plummet of the crypto market, the NFT trading volume has also become low within the last few months. 

Opinion Of Co-Founder, And CEO Of Phantom Wallet:

The Co-Founder and CEO of Solana supported Phantom Brandon Millman stated while in a conversation with the Cointelegraph. That the entire adoption of the software wallet is “yet very strong,” and the “NFT eco-system fulfilled an important role. “

He further said that “meanwhile the market is dropped somewhat, some NFT collection has really held their value and even growing.” 

Related News

  1. Solana (SOL) reaches 82% rally following its NFT integration
  2. NFT Market Report: NFT Outperforms Crypto, Solana is the New NFT Blockchain
  3. Solana Could Become The Visa Of Digital-Asset World: Bank Of America

Moreover, Solana- supported Phantom has also been optimized to back the expanding eco-system of Decentralized Finance (DeFi), which is another edge of the market. That has frozen substantially in the last few months. As well, as per DeFi LIama updates, when scaled in terms of the whole worth, or TVL the decentralized finance industry has lost approx 30% from its peak in Q4.

The News Source is Cointelegraph. 

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Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.

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