Key Highlights
- Fomo has raised $75 million in a Series B funding round led by Index Ventures.
- The round values the company at approximately $550 million.
- Union Square Ventures and Benchmark participated in the financing.
- More than 625,000 users have joined the platform since launch.
Crypto trading platform Fomo has raised $75 million in a Series B funding round led by Index Ventures, marking one of the largest funding rounds this year for a consumer-focused onchain trading application.
According to the official release, the round also included participation from Union Square Ventures and existing investor Benchmark, valuing the company at approximately $550 million.
The funding comes as Fomo seeks to build what it describes as the first globally accessible onchain trading platform, combining social networking features with blockchain-based financial markets.
Building a social layer for onchain trading
Founded by former dYdX employees, Fomo aims to simplify blockchain trading by removing many of the complexities traditionally associated with crypto applications. The platform allows users to sign in using an Apple ID or email address and access assets across multiple blockchains without needing to manage wallets, bridges, or gas fees.
According to the company, users can view what other traders are buying and holding in real time, build public trading profiles, and interact with a social network centered around financial activity.
In its announcement, Fomo said blockchain technology is creating a new generation of financial products and markets that remain inaccessible to much of the world.
“A similar revolution is happening today. Blockchain networks are global from day one and fully transparent, enabling social experiences that were never possible in traditional finance applications,” the company said.
According to Fomo, while financial assets are increasingly moving on-chain and entirely new asset classes are emerging, access to these opportunities remains limited for much of the global population.
Rapid growth since launch
Fomo reported significant growth during its first year of operations. According to the company, more than 625,000 users have joined the platform since its launch, generating over $4 billion in trading volume and more than 110 million unique social interactions.
The platform has also become an onboarding channel for new crypto users. Fomo said over 68,000 people purchased cryptocurrency for the first time through the application using Apple Pay, accounting for approximately $25 million in purchases. The company said this combination of social engagement and simplified trading is helping attract a broader audience beyond traditional crypto traders.
Investors back consumer crypto platforms
Fomo’s latest funding round brings together several venture firms with long histories of backing major consumer technology and financial services companies. The company highlighted the involvement of Index Ventures, Union Square Ventures, and Benchmark, firms that have previously invested in businesses such as Coinbase, Robinhood, and other category-defining platforms.
Fomo said the new capital will help accelerate product development as it expands its platform and financial ecosystem. The funding round also included several angel investors, including Mark Pincus, Kevin and Julia Hartz, Humam Sakhnini, Tomas Okmanas, Antoine Le Nel, Sebastian Knutsson, Stephane Kurgan, Patrick Kavanagh, Jae Park, Alexander Casimo, and Jack Randall.
Expanding beyond crypto
While Fomo initially focused on onchain crypto trading, the company plans to expand into tokenized equities, derivatives, and other blockchain-based financial products as the tokenization sector continues to grow.
The strategy reflects a wider trend across the digital asset industry, where companies are increasingly positioning themselves to offer trading access to a broader range of financial assets beyond cryptocurrencies.
Industry research firm Delphi Digital highlighted Fomo’s growing traction in a December post on X, stating that the platform’s social trading features have become a key differentiator.
The firm noted that users can see what people in their network are buying in real time and execute trades across multiple blockchains without needing to manage wallets or bridge assets.
According to Delphi Digital, the experience makes “trading feel more like scrolling a feed than sitting at a terminal.” The firm also revealed that Fomo generated more monthly fees than Moonshot in November despite being a newer platform and charging lower fees.
Aiming to build a global financial network
Fomo said it views blockchain technology as the foundation for the next evolution of financial markets, where trading, social interaction, and digital identity are deeply interconnected. The company said its long-term objective is to create the world’s largest financial network by making blockchain-based assets accessible to mainstream consumers.
With fresh capital, a growing user base, and backing from several venture firms, Fomo is expanding its platform as competition intensifies among consumer-focused crypto applications.
Also read: Coinbase Brings OpenAI, Anthropic Pre-IPO Futures to Traders
