Top solana wallet company phantom raised $109 million in a Series B valuing the firm at $1.2 billion. realDannyNelson reports
Phantom co-founders Chris Kalani, Francesco Agosti and Brandon Millman. Crypto venture firm Paradigm led a $109 million Series B investment in Phantom, CEO Brandon Millman said. It was not immediately clear who else joined the cap table, or what percentage equity they took in the upstart firm, whose main product is a Chromium browser plugin.
It’s managed to do so in a rather unorthodox way. In an industry marked by open-source philosophies, Phantom, a private company, keeps wallet code under wraps. Even as its competitor wallets let their doors swing open, Phantom’s remain shut.Millman said Phantom “definitely has aspirations” to go open-source but “it has been difficult to prioritize.” It hasn’t yet due to a mix of operational, practical and competitive considerations, he said.
But influential forces in Solana are irked. One analyst at a prominent venture capital firm said he continues to use Phantom only because there’s no better option. He pledged to abandon Phantom as soon as a “decent” open-source alternate comes along.
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