Fomo's $75M glow-up proves VCs are suddenly fine with crypto's awkward cousin 📈

Social trading platform Fomo has closed a $75 million Series B led by Index Ventures at a $550 million valuation, with Union Square Ventures and existing investor Benchmark joining alongside angels including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, Discord CEO Humam Sakhnini and Nexos AI co-founder Tomas Okmanas, the company announced Monday. Founded in 2025 by former dYdX employees Paul Erlanger, Se Yong Park and Prashan Dharmasena, Fomo lets users trade across multiple blockchains without manually bridging funds or handling gas fees. The company said it has attracted more than 625,000 traders since launching a year ago, generating $4 billion in trading volume and 110 million social interactions, with daily signups running at roughly 3,500 users.

Fomo said more than 68,000 users made their first cryptocurrency purchase on the platform using Apple Pay, representing roughly $25 million in transaction volume. The app offers around 30-second onboarding, non-custodial wallets, leaderboards and copy trading, and on June 11 launched perpetual futures contracts powered by Hyperliquid for users outside the United States. On June 2, the company said it had surpassed $2 million in referral fees paid to users. Other exchanges offering copy-trading features include Binance, Bybit, OKX, Bitget, BingX, MEXC, Gate.io, KuCoin, Phemex and BitMart.

Index partner Julia Andre said the firm sees a real market shift in consumer blockchain trading and a team that can capture it, putting it plainly that "we're not doing Fomo because it's a crypto business." Co-founder Paul Erlanger was blunt about the problem they are attacking: "Onchain trading is just impossible." Crypto research firm Delphi Digital said in a December X post that the platform's social features may be helping attract users by making trading feel "more like scrolling a feed than sitting at a terminal," adding that "in November, @fomo_family generated more monthly fees than Moonshot, despite being a younger product with lower fees." The round brings total funding to about $94 million.

Fomo operates with a team of 17 and plans to use the new capital for acquisitions and engineering hires. According to RootData, crypto startups raised $4.1 billion across 147 funding rounds during the second quarter, and the Fomo round adds to a growing list of crypto venture deals in 2026 even as digital asset prices remain below recent highs, with Bitcoin trading near $64,000.