Fomo, a consumer-centric cryptocurrency trading platform, has successfully completed a $75 million Series B funding round, achieving a valuation of $550 million. The round was led by Index Ventures, with participation from Union Square Ventures and existing investor Benchmark, along with notable angel investors such as Zynga’s Mark Pincus and Discord CEO Humam Sakhnini. Founded in 2025 by former dYdX employees, Fomo aims to simplify on-chain trading, offering non-custodial services and social features like leaderboards and copy trading.
Since its launch in May 2025, Fomo has attracted over 625,000 users and facilitated $4 billion in trading volume, adding around 3,500 users daily. Julia Andre, a partner at Index Ventures, emphasized the significant market shift towards consumer blockchain trading, highlighting the solid team behind Fomo and its potential to appeal to a broader audience beyond traditional crypto users. Co-founder Paul Erlanger mentioned the obstacles in on-chain trading, expressing a desire for Fomo to be viewed as a user-friendly app rather than a typical crypto platform.
The involvement of established venture capitalists who have historically been cautious about cryptocurrency investments signals a growing confidence in consumer applications amid a challenging market. This funding round brings Fomo's total capital raised to approximately $94 million, positioning the company to expand its offerings. Plans include introducing perpetual contracts and expanding into equities and derivatives, directly competing with established platforms like Coinbase and Robinhood.
