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Crypto startup Phantom banks funding from Andreessen Horowitz to scale its multichain wallet

While retail investors grew more comfortable buying cryptocurrencies like Bitcoin and Ethereum in 2021, the decentralized application world still has a lot of work to do when it comes to onboarding a mainstream user base.
Phantom is part of a new class of crypto startups looking to build infrastructure that streamlines blockchain-based applications and provides a more user-friendly UX for navigating the crypto world, something that can make the entire space more approachable to a non-developer audience. Users can download the Phantom wallet to their browsers to interact with applications, swap tokens and collect NFTs.
The crypto wallet startup has 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 embrace a crypto future even as volatility continues to envelop the broader market. Last month, a16z announced a whopping 2.2 billion crypto fund, the firm’s largest vertical-specific investment vehicle ever.
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