Crypto Phantom Wallet Receives IDR 2.43 Trillion Fund Disbursement From Sequoia Capital And Paradigm
JAKARTA - The Phantom crypto wallet developer, Phantom Technologies, managed to raise US$150 million (Rp2.43 trillion) in the latest funding round led by Sequoia Capital and Paradigm.
This funding doubled the company's valuation to more than US$3 billion (Rp48.6 trillion), well above the previous valuation of only US$1.2 billion (Rp19.44 trillion) in 2022.
Founded in 2021 by Brandon Millman, Chris Kalani, and Francesco Agosti, Phantom has become one of the big names in the crypto industry with total funding of more than 250 million US dollars (Rp4.05 trillion) to date.
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The company initially focused on the Solana blockchain before expanding its services to the Ethereum and Bitcoin networks. Unlike custodial wallets that require third parties, the Phantom non-custodial wallet gives full control to users of their assets.
With this new funding, Phantom plans to expand its presence in the global market and add innovative features to support users. The goal is to make the Phantom crypto wallet a digital financial solution that is equivalent to mainstream financial applications.
According to the PitchBook report, this large funding is a sign of investor interest in the crypto industry's return after a period of decline since 2021.