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).
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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.