A crypto wallet doesn't actually store your crypto. Instead, it stores the cryptographic keys that prove you own assets on the blockchain. Think of your public key as a mailbox: anyone can send funds to it if they have the address. Your private key is the password to that mailbox. It proves ownership and authorizes transactions.
Phantom securely stores your private key locally on your device. When you first set up your wallet, you'll receive a Secret Recovery Phrase: a human-readable version of your private key, usually 12 to 24 random words. Only you can access or restore your wallet using it. If you signed up with Google or Apple, your Secret Recovery Phrase is secured automatically using your account and a four-digit PIN.
Warning: Phantom does not have access to your Secret Recovery Phrase or private keys.
There are two places you might hold funds in Phantom:
- Your Phantom wallet where you hold crypto assets like SOL, ETH, BTC, USDC, and NFTs across supported networks.
- Your Phantom Cash account where you hold USD value as the CASH stablecoin on the Solana network.
Phantom wallet
Your wallet holds assets directly on the blockchain, not in a Phantom-controlled account like a bank or exchange. Each account in your wallet is a set of addresses on chains like Solana, Ethereum, and others that Phantom supports, and the assets live on that chain. You control your keys, and controlling your keys means controlling your funds.
Phantom Cash account
Your Cash balance works the same way. Even if your money originally came from a bank transfer or debit card, it's converted to the CASH stablecoin on Solana and held in your wallet on the blockchain, not in a Phantom-controlled bank account.