Key facts
- Fomo, a consumer crypto trading app, raised $75 million in a Series B round.
- The company achieved a $550 million valuation in the funding round.
- Index Ventures led the round, with participation from Union Square Ventures and Benchmark.
- Fomo aims to simplify onchain trading with a user-friendly interface and social features.
- The app has garnered over 625,000 users and processed $4 billion in trading volume since its launch.
- The funds will be used for acquisitions and expanding the engineering team.
Fomo, a consumer-focused crypto trading application, has successfully raised $75 million in a Series B funding round, achieving a valuation of $550 million. The round was led by Index Ventures, with participation from Union Square Ventures and existing investor Benchmark. This significant investment from venture capital firms, including those typically hesitant to invest in crypto, signals a growing conviction in the potential of user-friendly consumer applications within the digital asset space, even during a market downturn.
Founded by former dYdX employees, Fomo aims to simplify onchain trading by offering a non-custodial experience with a quick onboarding process, social trading features, and access to a wide range of assets across multiple blockchains without the complexities of wallet management or gas fees. Since its launch in May 2025, the app has attracted over 625,000 users and facilitated $4 billion in trading volume, with a daily user growth of approximately 3,500. The company plans to leverage the new capital to expand its engineering team and pursue acquisitions, with ambitions to extend its platform beyond tokens to include equities, derivatives, and prediction markets.
In parallel, MicroStrategy announced it had raised $300 million in cash, increasing its reserves to $1.4 billion, while purchasing only 520 Bitcoins. This move suggests a strategic shift towards shoring up its balance sheet and supporting its preferred shares rather than aggressively acquiring more Bitcoin, a departure from its previous strategy. The company's CEO purchased $1 million of MicroStrategy stock to demonstrate confidence.
Additionally, BitMine, SharpLink, and Joe Lubin are backing ETHLabs, a new independent nonprofit research and development lab focused on enhancing Ethereum's capabilities for institutional adoption, including faster settlement and increased network capacity. This initiative arrives amid talent shifts within the Ethereum Foundation and aims to align major ETH holders with research efforts to drive value accrual and real-world traction for the Ethereum ecosystem.
Market-wide, crypto majors experienced a decline, with Bitcoin falling to $62.3k and Ethereum and Solana also seeing significant drops. Bitcoin ETFs recorded $68 million in net outflows, while Ethereum ETFs saw $66 million in outflows. The U.S. Senate passed a housing bill that includes a four-year ban on a Federal Reserve Central Bank Digital Currency (CBDC), a development welcomed by crypto advocates.