Phantom wallet: status and timeline

Phantom wallet

Make holding and using crypto as easy as a banking app while leaving custody with the user, so people can save, trade and spend without trusting an exchange with their money.

ScalingStage 5 of 5

Multichain wallet with in-app perps; CASH dollar token live, US prepaid Visa card since Mar 2026.

Updated 31 Mar 2026Checked 11 Oct0 updates this week

Milestones

No announced next step

Wallet launches; 2M monthly users within six months2021Complete.
$109M Series B; iOS app launches31 Jan 2022Complete.
$150M Series C at $3B valuation16 Jan 2025Complete.
Perpetual futures via Hyperliquid, starting in the EU8 Jul 2025Complete.
CASH dollar token launches on Solana30 Sep 2025Complete.
Prepaid Visa debit card opens to US users31 Mar 2026Complete.

Most important updates

Current obstacles

Scams and wallet drainersFake sites trick users into signing transfers. Phantom screens transactions, but a signed transfer can't be undone.
Card is US-only, virtual and uninsuredThe card launched in March 2026 is virtual and US-only, and balances are not FDIC-insured, which limits it as an everyday bank replacement.
Competing with exchanges and other walletsExchange apps and rival wallets such as MetaMask offer similar trading and payments, so users can switch at little cost.

Physics limits

Lose the key, lose the moneyWith self-custody nobody can reverse a transaction or reset a key. Whoever holds the recovery phrase controls the funds; that is the price of not trusting a company.
A signature can't show intentUsers approve data they can't read. A malicious app can disguise a transfer as a login, and simulation can be fooled by contracts that behave differently later.
Every chain is a different systemEach blockchain has its own accounts, fees and signing rules, so every new chain adds code and failure modes; moving between chains relies on bridges, a frequent hack target.

How it works

4 parts

Keys

A recovery phrase on the device

Setup creates a secret recovery phrase that derives keys for each chain. Transactions are signed on the device and sent straight to the network.

Swaps

Trading without an exchange account

Swaps are routed through on-chain exchanges, and cross-chain swaps through LI.FI, so users never deposit funds with a company.

Perps

Hyperliquid inside the wallet

Futures orders go to Hyperliquid through its API while the user keeps control of funds; up to 40x leverage, with stop-loss and take-profit.

Spending

CASH and the card

CASH is a dollar token backed 1:1, issued via Stripe's Bridge. The Visa card, on Stripe Issuing, spends it without first selling to a bank.

Spec sheet

Spec	Phantom wallet
Monthly active users	15M (Jan 2025)^R (reported)
Crypto held in wallets (Jan 2025)	About $25B^R (reported)
Max perpetuals leverage	40x^R (reported)

^R reported by the company

Update log

4 updates

About Phantom

The team behind Phantom wallet

Phantom

Self-custody crypto wallet, CASH, Phantom Card

Phantom makes a self-custody crypto wallet app, born on Solana and now also covering Ethereum, Bitcoin, Base, Polygon, Sui, Monad and HyperEVM. Users hold their own keys; the app adds swaps, perpetual futures, the CASH dollar token and a debit card.

15M monthly active users and about $25B of crypto held in Phantom wallets, as reported in Jan 2025.
Raised $150M at a $3B valuation in Jan 2025, co-led by Sequoia Capital and Paradigm.
The CASH dollar token (Sep 2025) and a US Visa debit card (Mar 2026) turn the wallet into a spending account.

Company profile →

Founded: 20215 yrs
Headquarters: United States
Status: Private
Valuation: $3BprivateJan 2025
Raised: $259M2 rounds
Last round: Series C · $150M16 Jan 2025$3B post
Works in: CryptoIdentity & wallets
Coverage: 1 program · 5 updateslatest 31 Mar 2026checked 11 Oct
Lead investors: Sequoia CapitalParadigm
Partners: Hyperliquid
Investors: Sequoia Capital (opens theblock.co)
Suppliers: BridgeStripe (opens stripe.com)
People: Brandon Millman (opens lsvp.com)Co-founder & CEOFrancesco Agosti (opens lsvp.com)Co-founder & CTOChris Kalani (opens lsvp.com)Co-founder & CPO

Spec

Phantom wallet

Monthly active users

15M (Jan 2025)^R (reported)

Crypto held in wallets (Jan 2025)

About $25B^R (reported)

Max perpetuals leverage

40x^R (reported)

Phantom wallet

Milestones

Most important updates

Current obstacles

Physics limits

How it works

A recovery phrase on the device

Trading without an exchange account

Hyperliquid inside the wallet

CASH and the card

Spec sheet

Update log

Tue 31 Mar

Tue 30 Sep 2025

Tue 8 Jul 2025

Mon 31 Jan 2022

About Phantom

Current obstacles

Physics limits

How it works

A recovery phrase on the device

Trading without an exchange account

Hyperliquid inside the wallet

CASH and the card

Spec sheet

Update log

Tue 31 Mar

Tue 30 Sep 2025

Tue 8 Jul 2025

Mon 31 Jan 2022

About Phantom