Fomo plans to use the new capital to expand its engineering team and could pursue acquisitions of smaller companies. The platform currently employs 17 people and is adding around 3,500 users each day, according to the company’s founders.
The startup also wants to move beyond cryptocurrencies as stocks, derivatives and other financial assets increasingly move onchain. Fomo added perpetual futures in June, with cofounder Paul Erlanger saying the long term goal is for the platform not to be viewed solely as a crypto app.
Founded in 2025 by former dYdX employees Erlanger, Se Yong Park and Prashan Dharmasena, Fomo offers trading across multiple blockchains through a single interface. Users can sign in using an Apple ID or email and trade without manually managing bridges or gas fees. The app also includes trader leaderboards, activity feeds and social sharing tools.
Fomo said more than 625,000 people have joined the platform since launch, generating over $4 billion in trading volume and 110 million social interactions. The company also said 68,000 users purchased crypto for the first time through its Apple Pay integration, accounting for $25 million in purchases.
The platform operates under a noncustodial structure, meaning it does not directly hold customer funds. Its founders believe the model gives Fomo greater flexibility as it works toward becoming a broader gateway for trading assets issued on blockchain networks.
cryptobriefing.com
