In a significant move within the cryptocurrency sector, Fomo has successfully secured $75 million in a Series B funding round, propelling its valuation to $550 million. The investment was spearheaded by Index Ventures and included participation from Union Square Ventures and existing investor Benchmark, alongside notable angel investors such as Mark Pincus and Kevin Hartz.
Since its launch a year ago, Fomo has attracted over 625,000 traders, achieving a remarkable $4 billion in trading volume and facilitating around 110 million social interactions. The platform has also reported that more than 68,000 users initiated their first cryptocurrency purchase through it, generating approximately $25 million in transaction volume via Apple Pay.
Fomo differentiates itself by allowing users to trade assets across various blockchains effortlessly, eliminating the need for manual fund bridging and gas fee management. This unique approach is believed to make trading more accessible, resembling the experience of browsing social media, a feature highlighted by crypto research firm Delphi Digital.