Social trading platform Fomo raises $75M, reaches $550M valuation

Crypto startup Fomo has raised $75 million in a Series B funding round led by venture capital firm Index Ventures, which valued the social trading and token discovery platform at $550 million.The funding round also received participation from Union Square Ventures and the company’s existing investor, Benchmark, along with angel investors including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, Discord CEO Humam Sakhnini, Nexos AI co-founder Tomas Okmanas and others, Fomo announced on Monday.Fomo allows users to trade assets across multiple blockchains without having to manually bridge funds or handle 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.The raise adds to a growing list of crypto venture deals in 2026, even as digital asset prices remain below recent highs. According to RootData, crypto startups raised $4.1 billion across 147 funding rounds during the second quarter.Crypto and Web3 funding by quarterly sum. Source: Root DataFomo says 68,000 users made first crypto purchase on platformFomo said more than 68,000 users made their first cryptocurrency purchase on the platform using Apple Pay, representing roughly $25 million in transaction volume.Related: Kalshi in early IPO talks with investment banks: ReportCrypto 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.”“In November, @fomo_family generated more monthly fees than Moonshot, despite being a younger product with lower fees,” Delphi Digital wrote.Source: Delphi DigitalFomo allows users to view trades made by other users in real time and execute similar trades across multiple blockchains without manually bridging assets or managing separate wallets.Other crypto exchanges offering copy-trading features include Binance, Bybit, OKX, Bitget, BingX, MEXC, Gate.io, KuCoin, Phemex and BitMart.On June 11, Fomo 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.Magazine: The legal battle over who can claim DeFi’s stolen millions Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.