A crypto trading application known for its user-friendly interface, fomo, has successfully raised $17 million in a Series A funding round led by Benchmark. This latest investment brings fomo’s total capital raised to $19 million. The company has experienced rapid scaling since its beta launch six months ago, quickly establishing itself as one of the largest cross-chain trading platforms in the cryptocurrency market.
The primary goal of fomo is to tackle prevalent usability challenges in decentralized finance by creating a unified trading experience across various blockchains. Users can manage a single balance across multiple chains, purchase any asset with just one swipe, and sidestep the complexities associated with separate wallets, bridges, and gas fees. Additionally, the platform provides tools for users to monitor top traders and uncover trending assets.
Since its beta launch, fomo has processed nearly $700 million in transaction volume, attracting over 120,000 users and 35,000 traders. It has facilitated around $5 million in on-ramp volume, serving approximately 15,000 newcomers to the cryptocurrency landscape. User growth has been impressive, with nearly 10% week-over-week increases during this period.
The company envisions its platform as a foundational step toward becoming the social layer of global finance. As its network of traders continues to expand, fomo plans to introduce a variety of additional asset types and features targeting wider speculative and market engagement behaviors.
Benchmark’s participation aligns fomo with a prominent venture firm celebrated for backing transformative consumer technology platforms, such as Uber, Snapchat, Instagram, and Twitter. The insight and experience that Benchmark brings in scaling network-driven consumer products are expected to be beneficial as fomo enters this next crucial phase of growth.
In addition to Benchmark’s investment, the funding round also witnessed participation from a diverse group of angel investors, including notable figures from the crypto and technology sectors. These angel participants comprise crypto founders, traders, and creators, among others, reflecting a broad interest in fomo’s mission.
Moving forward, the company plans to accelerate its development efforts as it enhances its product suite and strengthens the underlying social graph that supports the user experience. This strategic expansion aims not only to improve existing functionalities but also to foster a more engaged trading community within the cryptocurrency ecosystem.
