Crypto Social Trading Platform Fomo Raises $75 Million in Series B at $550 Million Valuation
Summary
- Fomo said it raised a $75 million Series B investment and was valued at $550 million.
- Fomo said it is a social feed-based crypto trading platform and that 30% of its roughly 650,000 registered users converted into active traders.
- Forbes said changes in the US regulatory environment, including relief from broker-dealer registration requirements for crypto apps that do not directly custody customer assets, helped support Fomo’s fundraising.
Forecast Trend Report by Period
Crypto social trading platform Fomo has raised $75 million in a Series B funding round, reaching a $550 million valuation. The deal points to continued investor interest in social feed-style platforms that help users discover and execute trade ideas, even as the broader digital-asset market remains sluggish and venture funding has cooled.
Fomo secured the funding in a Series B round led by Index Ventures, Forbes reported on June 29. Union Square Ventures and Benchmark also participated. The round valued the company at $550 million.
The company was founded in 2025 by former dYdX executives Seyong Park, Paul Erlanger and Prashan Dharmasena. It combines trading functions across multiple blockchain networks with a social feed that lets users track friends, traders and public portfolios in real time.
Co-founder Seyong Park described the company’s goal as “trading for everyone else” on the Bankless podcast. The aim is to make trading, long centered on professional users, more accessible to a broader audience.
Forbes said crypto venture funding has recently been concentrated in infrastructure, payments, stablecoins and institutional financial services. Fomo stands apart by focusing on the user interface rather than the trading infrastructure itself.
The app brings together trade discovery, order execution, identity, reputation and public records of buy and sell activity. Users can sign in with Google or Apple accounts, then fund their accounts through Apple Pay, debit cards, bank transfers or crypto before starting to trade.
Fomo has about 650,000 registered users, the company said, and roughly 30% have converted into active traders. That implies about 195,000 users have traded on the platform. About 70,000 users joined through conventional payment methods rather than existing crypto wallets or blockchain-based channels.
Shifts in the regulatory environment also helped support the fundraising, Forbes reported. US regulators recently clarified that crypto apps that do not directly custody customer assets are not required to register as broker-dealers. That has increased the scope for services that had previously been pushed offshore to return to the US market.
The social trading push is spreading to other platforms as well. Robinhood recently rolled out a beta version of Robinhood Social, a feed feature that lets users discover and follow traders. Other crypto startups are also testing public portfolios, copy trading and social feed features.
