A new cross-chain trading application, Fomo, announced on Thursday that it has successfully raised $17 million in a Series A funding round, led by the venture capital firm Benchmark. In a detailed blog post, Fomo highlighted the ongoing challenges in the cryptocurrency space, noting that while crypto infrastructure has evolved, user experience has lagged behind. This disparity has resulted in fragmentation, with incompatible chains and wallets causing liquidity issues and scattering users across different ecosystems.
Fomo has positioned itself as the “largest cross-chain trading application in crypto,” boasting impressive figures from its recent six-month beta phase. During this trial period, the platform processed nearly $700 million in trading volume and onboarded over 120,000 users, including more than 35,000 active traders.
In conjunction with Fomo’s announcement, several prominent blockchain projects, including Solana, Fireblocks, Monad, and Polygon, have come together to form an alliance aimed at establishing a unified framework for cross-chain payments. Fomo’s application allows users to maintain a single balance across multiple chains, significantly simplifying the trading process by eliminating the need to deal with bridges or gas fees. The platform operates on a transaction fee structure of 0.5% per trade, with a minimum fee of $0.95 for Solana transactions, while offering no minimum on less expensive networks like Base and BNB Chain.
Benchmark’s involvement is noteworthy, as the firm has a history of supporting transformative consumer products, with a portfolio that includes major names such as Uber, Snapchat, Instagram, and Twitter. In addition to Benchmark, Fomo’s Series A round has attracted notable angel investors, including Pudgy Penguins CEO Lucas Netz and MoonPay CEO Ivan Soto-Wright. To date, the startup has raised a total of $19 million.
With the backing of established investors and a growing user base, Fomo aims to streamline the cross-chain trading experience, addressing the limitations that have hindered the growth of the crypto ecosystem.
