Phantom Wallet Achieves Unicorn Status
Market Meditations | February 1, 2022
Popular Solana based wallet Phantom has raised $109 million in funding. Led by Paradigm, this now brings the total valuation of the decentralised wallet to $1.2 billion achieving what is known as a unicorn status.
Phantom is the most used wallet on the Solana ecosystem with around 1.2 million weekly active users. For comparison, the six-year-old multi-chain wallet MetaMask had over 21 million monthly active users in the back end of 2021.
- Currently, the application has limitations to adoption. It can only be used as a web extension and only interacts with the Solana ecosystem.
- The team aims to use funds to launch a mobile application and take the wallet cross-chain creating competition for the most popular wallet MetaMask.
- This is important to the crypto space because it means more active users, more capital flows and ultimately greater credibility of the space as a whole.
- Wallets are the form of identification and authentication when interacting with the decentralised web and despite improvements, many crypto native products still pose difficulty for the average user.
The key to mainstream crypto adoption is a reduction in barriers to entry and that is what Phantom wallet aims to achieve.
