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Cryptocurrency-wallet provider Phantom Technologies Inc. has raised $150 million in a funding round led by Sequoia Capital and Paradigm that values the startup at $3 billion, more than double its previous valuation, the company said.
Phantom’s wallet app recently climbed the iPhone App Store rankings following the election victory for Donald Trump, who’s expected to foster a more crypto-friendly regulatory environment as president.
Brandon Millman, chief executive officer and co-founder of Phantom, said the wallet’s rise in popularity shows that there’s a “broader trend” in which more people are buying crypto directly with their digital wallets instead of using Coinbase Global Inc.’s exchange and other centralized platforms. He added that the company plans to use the new capital to grow the application’s market share in the wallet sector, while building crypto’s version of a “consumer finance app.”
“I feel like we are in the perfect spot to actually use crypto to act as a weapon to supplant incumbents like PayPal, Cash App, Revolut, Venmo,” he said in an interview.
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