Social trading platform Fomo just closed a $75 million Series B round led by Index Ventures, with the company now valued at $550 million. Union Square Ventures and existing investor Benchmark also participated, along with angel investors including Zynga co-founder Mark Pincus and Discord CEO Humam Sakhnini.
Fomo lets users trade across multiple blockchains without manually bridging funds or dealing with gas fees. Since launching a year ago, the platform has pulled in over 625,000 traders and generated $4 billion in trading volume.
What is interesting is that 68,000 users made their first crypto purchase on Fomo using Apple Pay, representing about $25 million in transaction volume. That is a lot of onboarding happening through a platform most people outside crypto have not heard of yet.
The raise is another sign that crypto venture funding is still active in 2026, even with prices below recent highs. RootData shows crypto startups raised $4.1 billion across 147 funding rounds during Q2 alone.
Fomo recently launched perpetual futures contracts powered by Hyperliquid for users outside the US. The company also passed $2 million in referral fees paid to users back in early June.
Delphi Digital noted that Fomo generated more monthly fees than Moonshot in November, despite being younger and charging lower fees. The social features seem to be working. Trading feels more like scrolling a feed than sitting at a terminal, which is probably the point.
Whether Fomo can sustain that growth at a $550 million valuation is another question. But the numbers so far suggest they are doing something right.
