Paradigm invests in Solana pockets app Phantom at $1.2 billion valuation
- ByStartupStory | February 1, 2022
In the crypto environment, wallets are possibly the maximum essential consumer touchpoint serving as a gateway to exchanges and clever contracts. This positions the startups constructing famous pockets apps closest to the firehose of patron crypto opportunities, at the same time as additionally leaving them to take fee in tackling a lot of web3`s unsolved issues which include steep onboarding demanding situations and an opposed fraud environment.
Phantom, one of the gold standard pockets apps for the Solana environment, has visible masses of momentum because of the result of investor and developer interest being paid to the Ethereum competitor which has visible its fee explode during the last year — even though the relative newcomer is likewise proving to be an extra risky guess with the token taking a mainly tough hit at some stage in the maximum latest crypto crash.
The San Francisco crypto startup is popping this Solana interest right into a fat $109 million investment spherical led with the aid of using Paradigm on a $1.2 billion valuation. The monster unicorn spherical comes six months after the startup closed a $nine million Series A from Andreessen Horowitz. At the time, the startup had 40,000 energetic customers, now they’ve 2.1 million, with CEO Brandon Millman noting that the organization has been constantly onboarding approximately 100,000 customers in a week.
Phantom`s subsequent huge ambition is to move multi-chain and upload help for every other blockchain past the Solana environment to its pockets. The startup isn`t indicating wherein precisely it`s aiming to recognize aside from that it’s seeking to upload help for a blockchain well-matched Ethereum`s EVM stack wherein maximum crypto builders had been focusing their interest and wherein competition like MetaMask loom large.
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