Cross-chain trading app Fomo raises $17 million in round led by Benchmark
Cross-chain trading app Fomo secured $17 million in a Series A round led by Benchmark to address crypto user experience fragmentation.Summary
Cross-chain trading application Fomo announced it raised $17 million in a Series A funding round led by Benchmark. Fomo aims to solve the fragmentation issue in crypto, where users are scattered across incompatible chains, wallets, and liquidity pools, by offering a single-balance trading experience across multiple chains without needing bridges or gas fees.
During its six months in beta, Fomo processed nearly $700 million in volume and onboarded over 120,000 users. The app charges a 0.5% fee per trade, with specific minimums on certain networks. Fomo noted Benchmark's history of backing major consumer products like Uber and Instagram.
Angel investors in this round included Lucas Netz, CEO of Pudgy Penguins, and Ivan Soto-Wright, CEO of MoonPay, bringing Fomo's total raised capital to $19 million.
(Source：The Block)