There is a high chance that you have heard of a wallet called Phantom if you have been in the crypto space over the past year. Initially intended for Solana users, Phantom Wallet now supports multiple blockchains, including Bitcoin, Ethereum, and Polygon.
This guide explores Phantom Wallet’s key features and demonstrates how to set it up. Read on to learn more.
Phantom Wallet Explained
Phantom is a leading non-custodial Web3 wallet that allows users to manage their crypto assets on various blockchains. Moreover, it facilitates seamless interaction with popular decentralized applications.
As of February 2025, Phantom Wallet has over 14 million users, who carry out an average of two million transactions daily. Also, these users currently hold a combined $25 billion worth of digital assets.
Although Phantom Wallet grew popular in 2024 when Solana meme coins began making headlines, it has been in existence since 2021, when it was launched by two software engineers, Francesco Agosti and Brandon Millman.
Phantom Wallet’s rapid growth has attracted several investors in recent months. At the start of 2025, the project raised $150 million in a funding round led by Paradigm. This investment elevated Phantom’s valuation to nearly $3 billion.
Phantom Wallet’s Key Features
So, what makes Phantom a go-to wallet for many crypto users? Here are some of the reasons:
User-friendly interface: The wallet has a simple design that enables seamless navigation for both experienced and novice users.
Phantom Wallet is multichain: As mentioned, this wallet supports multiple networks, enabling its customers to manage diverse crypto portfolios within a single app.
Also read:Token bridging and swapping: Phantom users don’t need to connect their wallets to decentralized exchanges to swap or bridge tokens, as they can do so within the app. As of this writing, users can swap crypto assets between Base, Polygon, Solana, and Ethereum.
Top-notch Security features: Phanton Wallets adopts proper encryption techniques to safeguard private keys. Furthermore, it integrates with several cold wallets like Ledger, allowing users to store their cryptocurrencies offline.
Supports staking: If you hold SOL, you can take it on the Solana blockchain within Phanton Wallet, allowing you to generate rewards.
How Do You Set Up Phantom Wallet?
Phantom Wallet can be used on a computer or mobile phone. This article explains how to set it up on the two devices.
Setting Up Phantom Wallet on Desktop
1. Download Phantom Wallet’s browser extension: This extension is available for download at phantom.com. We advise against downloading it from a third-party platform as it could be fake.
2. Create an account: After installing Phantom, press the ‘Create New Wallet’ button and follow the instructions. Remember to keep your ‘Secret Recovery Phrase’ safe.
3. Access Your New Phantom Wallet Account: After creating a unique password, Phantom Will give you access to your account to explore various features.
Setting Up Phantom Wallet on Mobile Phone
1. Download the Phantom Wallet mobile phone app: You can the app from Phantom.com or Google’s PlayStore and Apple’s App Store.
2. Create an account: Click ‘Create a New Wallet’ to register a new Phantom Wallet account.
3. Access your new wallet: After completing the registration process, you will be able to access your Phantom Wallet. Explore it to familiarize yourself with the offered features.
How Do You Use Phantom Wallet?
Users can perform several activities within the Phantom Wallet app, including:
1. Depositing funds: If you want to add a digital currency to your wallet, press ‘Receive’ and copy the displayed address. After that, paste the address on the source of funds and initiate the transfer.
2. Sending funds: If you wish to transfer funds from your Phantom Wallet, press ‘Send’ and enter the recipient’s address.
3. Buying cryptocurrencies: You can buy numerous crypto assets within Phantom using your Solana and Ethereum tokens.
4. Interacting with decentralized applications: Phantom Wallet comes with a DApp browser that connects users to multiple decentralized apps, including NFT marketplaces and decentralized finance protocols.
Final Thoughts
While Phantom adopts advanced security mechanisms, you also have to be proactive in keeping your assets safe. Therefore, avoid sharing your password and the secret recovery phase. Finally, do not connect your wallet to a suspicious website.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.