Cryptocurrency wallet provider Phantom has secured $ix million in Series A financing to launch a new multichain wallet designed to assistance DeFi users access decentralized applications across multiple blockchains.

The enhance comes on the heels of a successful beta launch in April of this year that saw forty,000 new Phantom users. The company besides secured $500,000 in grants from Serum and Solana during the beta phase.

Brandon Millman, Phantom'due south co-founder and CEO, said his platform enables users to easily admission decentralized exchanges and nonfungible token platforms, explaining:

"With the world moving into a multi-concatenation futurity, the strong interest from the participants in our beta grouping indicates that our squad has designed a DeFi wallet for the masses, one that'southward in a unique position to provide value to users unlike whatever other related product on the market."

Cryptocurrency wallets are the first indicate of contact for DeFi users, but the steep learning curve around their use may be impacting broader mainstream adoption. Phantom has prioritized simplicity in onboarding more wallet users. The Phantom awarding can be installed as a browser extension on Google Chrome, Microsoft Edge, Brave and Firefox.

Saurabh Sharma, a full general partner at Jump Upper-case letter, said projects like Phantom volition help springboard mainstream adoption of DeFi. "The adjacent phase of DeFi would be focused on onboarding mainstream users and one of the biggest barriers to that is intuitive user interface and workflows," he said.

Arianna Simpson, a partner at Andreessen Horowitz, touted Phantom'southward mission to build a "beautiful, easy-to-use wallet that bridges avails and gives users a seamless experience," calculation that her house is excited to piece of work with the crypto startup.

Related: Andreessen Horowitz launches biggest-ever crypto venture fund at $2.2B

Andreessen Horowitz is one of the largest backers of Solana projects, having co-led Solana Labs' $314 million private token sale earlier this year. The venture house is behind some of the biggest raises in crypto, having earmarked billions of dollars for blockchain-focused startups.