Cross-chain trading app Fomo raises $17 million in round led by Benchmark

The Block

Bitcoin / Tether

+0.19%

Hyperliquid / USD Coin

New cross-chain trading app Fomo said on Thursday it raised $17 million in a Series A round led by Benchmark.

"While crypto infrastructure has consistently improved, user experience has remained an afterthought. This has led to fragmentation—incompatible chains, wallets, liquidity, and users scattered across ecosystems," Fomo said in a blog post.

Calling itself the "largest cross-chain trading application in crypto," Fomo said it has, during six months of beta, "processed nearly $700 million in volume" and onboarded more than 120,000 users and over 35,000 traders.

Also on Thursday, major blockchain projects including Solana, Fireblocks, Monad and Polygon formed an alliance to develop a common framework for cross-chain payments.

Fomo said its app lets users maintain a single balance across multiple chains without dealing with bridges or gas fees. It charges a 0.5% fee per trade, with a $0.95 minimum on Solana transactions and no minimum on lower-cost networks like Base and BNB Chain, according to TechCrunch.

"Benchmark has a proven track record of backing bold, world-changing consumer products like Uber, Snapchat, Instagram, and Twitter," Fomo said in its statement.

Angel investors joining Fomo's Series A include Pudgy Penguins CEO Lucas Netz and MoonPay CEO Ivan Soto-Wright. The startup has raised a total of $19 million.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Risk Disclosure

The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.

Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.

Recent Searches

Top Searches

Markets

Analysis

User

24/7

Economic Calendar

Education

Data

Cross-chain trading app Fomo raises $17 million in round led by Benchmark

Risk Disclosure