Key Takeaways:
Investors are betting on consumer blockchain applications, funding crypto startup Fomo with an additional $75 million round of funding. The new capital comes at a time when social trading and on-chain investing is becoming more widely adopted by retail investors seeking to invest in digital assets without facing high fees.
The company has stated that it aims to create an experience that is as simple as a social app, removing roadblocks to adoption and making cryptocurrency trading as accessible as possible.
Index Ventures, along with Union Square Ventures and Benchmark, the existing investor, led the Series B round of funding.
A slew of notable angel investors also participated, such as Mark Pincus, Kevin Hartz, Humam Sakhnini, Tomas Okmanas and Antoine Le Nel.
With funding the expansion of Fomo’s trading infrastructure, and the speeding up of the strategy from a consumer perspective becomes available. The company appears to be promoting a trading platform geared towards users who aren’t expert cryptocurrency traders.
Users can use digital assets with an email address or Apple ID without having to create wallets, manage private keys, bridge assets, or pay gas fees directly.
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According to Fomo, over 625,000 users have registered since the launch of the platform about a year ago.
According to the company, users have generated more than $4 billion in cumulative trading volume while creating over 110 million social interactions inside the application.
One of the strongest growth signals comes from new market participants. Fomo says more than 68,000 users purchased cryptocurrency for the first time through the platform using Apple Pay. Those purchases totaled approximately $25 million.
The company’s social tools enable users to track real time trading, draw in other traders and to create public trading accounts. This hybrid of social media and on-chain finance is to make crypto trading more accessible among users who are of newer age.
Fomo argues that blockchain markets are entering a similar transformation to the digitization of traditional stock trading that began decades ago.
The company believes global blockchain networks create opportunities for social investing experiences that traditional financial markets cannot offer. Assets now move across multiple chains, while new digital asset categories continue to emerge.
The long-term vision for Fomo is to become a global financial network in which users can trade assets among various blockchains without any technical hindrances.
The funding from Index Ventures, Benchmark, and Union Square Ventures puts the company among investors that have backed major financial applications and consumer technology platforms in the past.
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