Crypto startup Phantom banks funding from Andreessen Horowitz to scale its multi-chain wallet

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The crypto wallet start-up has actually banked a $9 million Series A round led by Andreessen Horowitz (a16z) with Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation and Garry Tan also participating. The round, which closed earlier this summer, comes as some venture capital firms welcome a crypto future even as volatility continues to envelop the more comprehensive market. Last month, a16z announced a whopping 2.2 billion crypto fund, the companys biggest vertical-specific financial investment automobile ever.

Structure out a presence on the popular Ethereum blockchain, which currently has a handful of popular wallet suppliers, will be a difficulty, however Phantoms broadest difficulty is helping a new type of crypto-curious users interface with a network of apps that still have a long way to go when it comes to being mainstream-friendly.

The start-up states they have some 40,000 users of their existing wallet item.

At the minute, Phantom is best-known among the Solana neighborhood where it has ended up being the go-to wallet for applications on that blockchain. The start-ups aspiration is to user interface with increasingly more networks, currently building out compatibility with Ethereum and wanting to embrace other blockchains, aiming to be an item constructed for a “multi-chain world,” Millman informs TechCrunch.

” The whole space is sort of stuck in this developed by designers for other developers mode,” Millman states. “This bar has been kind of stuck there, and nobody is really stepping up to push the bar up greater.”

The co-founding group of CEO Brandon Millman, CPO Chris Kalani and CEO Francesco Agosti all come aboard from crypto infrastructure startup 0x.

Phantom is part of a brand-new class of crypto start-ups wanting to build facilities that simplifies blockchain-based applications and supplies a more easy to use UX for browsing the crypto world, something that can make the whole area more approachable to a non-developer audience. Users can download the Phantom wallet to their web browsers to engage with applications, swap tokens and gather NFTs.

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While retail investors grew more comfortable purchasing cryptocurrencies like Bitcoin and Ethereum in 2021, the decentralized application world still has a lot of work to do when it pertains to onboarding a mainstream user base.

Together with building out assistance for other networks, Phantom wishes to develop more advanced DeFi systems right into their wallet, enabling users to stake cryptocurrencies and switch more tokens inside the wallet.