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A16z Leads $9M Funding Round for Solana's Phantom Wallet to Go Multi-Chain
The funding will be used to expand the Phantom team, develop new features and expand to other blockchains, said the firm.
Phantom, a digital wallet that's on the Solana blockchain network, has raised $9 million in a Series A funding found led by Andreessen Horowitz (a16z).
STORY CONTINUES BELOW
Other participating investors included Variant Fund, Jump Capital, DeFi Alliance, the Solana Foundation and Coinbase investor Garry Tan.
The funding will be used to expand the Phantom staff, develop new platform features and expand to other blockchains, the firm said.
Phantom was founded by software engineers Brandon Millman and Francesco Agosti and product designer Chris Kalani. Since releasing its product in April for testing, Phantom has added 40,000 users and secured $500,000 in grants from Serum and Solana.
“With the world moving into a multi-chain future, the strong interest from the participants in our beta group indicates that our team has designed a DeFi wallet for the masses, one that’s in a unique position to provide value to users unlike any other related product on the market,” Millman said.
Most recently Phantom integrated with FTX Pay, which allows users to transfer SOL, USDC and USDT directly from FTX.
Other notable investors in the funding round included Compound Finance, crypto derivatives trading platform dYdX, music streaming platform Audius, bitcoin rewards app Lolli and the Ethereum Foundation.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
