Fomo, a cross-chain trading app, has raised $17 million in a Series A round led by Benchmark to make crypto trading simpler for everyone.
The company announced the funding on Thursday, saying it brings its total raised to $19 million. Benchmark, known for backing Uber, Snapchat, Instagram, and Twitter, will now support Fomo’s goal to make trading easy for all.
Meanwhile, the company said it wants to fix crypto’s confusing user experience. It explained that while crypto technology has grown, the user experience has not. “This has led to fragmentation—incompatible chains, wallets, liquidity, and users scattered across ecosystems,” Fomo said in a statement. The company believes the time has come for better design built on decentralized rails.
Since launching its beta six months ago, Fomo has already processed nearly $700 million in trades and welcomed over 120,000 users. It also onboarded more than 35,000 traders and handled $5 million in fiat onramp transactions. Moreover, the company said its user base has been growing by about 10% every week, showing steady interest from both retail and crypto-native users.
In addition, Fomo’s app lets users trade across several blockchains without bridges, gas fees, or new wallets. Traders can hold one balance that works on multiple chains and buy any asset with one swipe. It charges a 0.5% fee per trade, with a $0.95 minimum on Solana and no minimum on cheaper networks like Base or BNB Chain, according to TechCrunch.
Notably, the angel investors in this round include Lucas Netz, CEO of Pudgy Penguins, and Ivan Soto-Wright, CEO of MoonPay. Others include Coinbase Ventures, Archetype, and several independent crypto investors.
Looking ahead, Fomo said this version of its app is only the beginning. It hopes to build a social layer for finance, where users can follow traders and find trending assets easily. “We’re thrilled to partner with Benchmark as we build the world’s largest financial network,” the company said.
That said, the funding comes as other blockchain projects like Solana, Polygon, Fireblocks, and Monad formed a new alliance for cross-chain payments.
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