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Phantom raises $9M to launch multi-chain crypto wallet



Cryptocurrency wallet supplier Phantom has secured $9 million in Collection A financing to launch a brand new multi-chain wallet designed to assist DeFi customers entry decentralized functions throughout a number of blockchains. 

The elevate comes on the heels of a profitable beta launch in April of this yr that noticed 40,000 new Phantom customers. The corporate additionally secured $500,000 in grants from Serum and Solana through the beta section. 

Brandon Millman, Phantom’s co-founder and CEO, mentioned his platform permits customers to simply entry decentralized exchanges and nonfungible token platforms, explaining:

“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.”

Cryptocurrency wallets are the primary level of contact for DeFi customers, however the steep studying curve round their use could also be impacting broader mainstream adoption. Phantom has prioritized simplicity in onboarding extra wallet customers. The Phantom utility will be put in as a browser extension on Google Chrome, Microsoft Edge, Courageous and Firefox.

Saurabh Sharma, a basic accomplice at Bounce Capital, mentioned tasks like Phantom will assist springboard mainstream adoption of DeFi. “The following section of DeFi can be targeted on onboarding mainstream customers and one of many greatest boundaries to that’s intuitive consumer interface and workflows,” he mentioned.

Arianna Simpson, a accomplice at Andreessen Horowitz, touted Phantom’s mission to construct a “lovely, easy-to-use wallet that bridges belongings and offers customers a seamless expertise,” including that her agency is happy to work with the crypto startup. 

Associated: Andreessen Horowitz launches biggest-ever crypto enterprise fund at $2.2B

Andreessen Horowitz is without doubt one of the largest backers of Solana tasks, having co-led Solana Labs’ $314 million non-public token sale earlier this yr. The enterprise agency is behind a number of the greatest raises in crypto, having earmarked billions of {dollars} for blockchain-focused startups.

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