Crypto Social Trading Platform Fomo Raises $75 Million at $550 Million Valuation

Crypto social trading platform Fomo has raised $75 million in a Series B round, even as the broader digital-asset market remains sluggish and venture funding has cooled. The deal suggests investors are still backing social feed-based platforms designed to help users discover and execute trading ideas.

Forbes reported on June 29 that Fomo raised $75 million in the round led by Index Ventures. Union Square Ventures and Benchmark also participated. The financing valued the company at $550 million.

Fomo was founded in 2025 by former dYdX executives Se-young Park, Paul Erlanger and Prashan Dharmasena. The platform combines trading across multiple blockchain networks with a social feed that lets users follow friends, traders and public portfolios in real time.

Co-founder Se-young Park described the company’s goal as “trading for everyone else” on the Bankless podcast. The idea is to make trading, long centered on professional users and complex interfaces, more accessible to retail customers.

Forbes said crypto venture funding has recently been concentrated in infrastructure, payments, stablecoins and institutional financial services. Fomo stands out by focusing on the user interface rather than the trading infrastructure itself.

The app combines trade discovery, order execution, identity, reputation and public records of buy and sell activity. Users can sign in with Google or Apple accounts, then fund trades through Apple Pay, debit cards, bank transfers or cryptocurrencies.

Fomo has about 650,000 registered users, according to the company. About 30% have become active traders, implying roughly 195,000 users have traded on the platform. Another 70,000 users came through mainstream payment methods rather than existing crypto wallets or blockchain-native channels.

Changes in the regulatory environment also helped support the fundraising. Forbes said U.S. regulators recently clarified that crypto apps that do not directly custody customer assets do not need to register as broker-dealers. That has increased the possibility that related services, which had previously moved offshore, could return to the U.S. market.

The social trading push is also spreading to other platforms. Robinhood recently rolled out Robinhood Social in beta, a feed feature that lets users discover and follow traders. Other crypto startups are also testing public portfolios, copy trading and social feed features.