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Crypto trading app Fomo has closed a $75 million Series B led by Index Ventures with Union Square Ventures participating, valuing the company at $550 million. The round marks one of the larger venture bets on a retail-facing onchain trading venue this cycle.
Why it matters
Fomo was founded by former dYdX employees, a pedigree that matters in the perps and onchain order-book niche. The team is using the capital to expand beyond pure crypto into tokenized stocks, derivatives, and other blockchain-based assets, effectively positioning the app as a multi-asset onchain venue rather than a single-purpose trading tool. Index and USV co-backing signals institutional conviction that the retail onchain trading stack is ready to absorb assets far outside the original crypto perimeter.
Market impact
The $550M valuation sets a fresh reference point for late-stage onchain trading infrastructure, a category that has seen fewer mega-rounds as spot BTC ETF flows have redirected capital. Tokenized real-world assets and onchain equities are emerging as the next TAM extension for crypto-native venues, and Fomo's raise reads as a directional bet that the trading layer, not the custody layer, captures the most value as that market opens up.
Frequently asked questions
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What is Fomo and what does the trading app do?
Fomo is a crypto trading app founded by former dYdX employees. It aims to simplify onchain trading and is expanding beyond crypto into tokenized stocks, derivatives, and other blockchain-based assets.
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How much did Fomo raise in its Series B round?
Fomo raised $75 million in a Series B round, with Index Ventures leading and Union Square Ventures participating. The round valued the company at $550 million.
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Who led Fomo's Series B funding round?
Index Ventures led the $75M Series B, with Union Square Ventures participating. The backing from two top-tier venture firms signals institutional confidence in the onchain trading infrastructure thesis.
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What assets does Fomo plan to support beyond crypto?
Fomo is expanding into tokenized stocks, derivatives, and other blockchain-based assets. The strategy positions the app as a multi-asset onchain venue rather than a single-purpose crypto trading tool.
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Why does Fomo's dYdX founding team matter?
The founders' dYdX background gives Fomo credibility in the onchain perps and order-book niche. That pedigree is part of why top-tier VCs like Index and USV are willing to underwrite the $550M valuation for a retail-facing venue.
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