Phantom, a cryptocurrency wallet and browser plugin for accessing DeFi services, has secured $9 million in a Series A investment round.
Phantom will put this funding towards developing a popular crypto wallet and web browser for managing crypto assets and browsing decentralized apps.
It is compatible with various cryptocurrencies and blockchain systems built on transparent and secure digital ledger technology. It’s all in the interest of making bitcoin investments more accessible to the general public.
Phantom is a novel breed of crypto businesses attempting to build technology that simplifies blockchain-based apps and provides a more user-friendly UX for exploring the crypto environment, making the entire sector more accessible to non-developer audiences.
Users may engage with apps, trade tokens, and acquire NFTs by downloading the Phantom wallet on their browsers.
Phantom’s Series A investment was headed by Andreessen Horowitz (a16z), with Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation, and Garry Tan.
The deal, which was completed earlier this month, emerges as some venture capital companies envision a crypto potential even as the more significant market remains volatile.
While retail investors felt more at ease acquiring cryptocurrencies like Bitcoin and Ethereum in 2021, the decentralized application industry still has a long way to attract a widespread client base.