Fomo raises $75M at $550M valuation
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- Fomo raised $75M at a $550M valuation, capitalizing on a social-trading model that lets users view and copy others' trades across multiple blockchains without bridging assets or managing separate wallets
- More than 68,000 users made their first crypto purchase on Fomo via Apple Pay, generating roughly $25M in transaction volume
- Delphi Digital said in a December X post that Fomo's social features make trading feel "more like scrolling a feed than sitting at a terminal" and noted Fomo generated more monthly fees than Moonshot in November despite being younger and charging lower fees
- Fomo launched perpetual futures contracts powered by Hyperliquid for users outside the US on June 11
- The company said on June 2 it had surpassed $2M in referral fees paid to users
- Other exchanges offering copy-trading include Binance, Bybit, OKX, Bitget, BingX, MEXC, Gate.io, KuCoin, Phemex and BitMart
Why it matters: The $550M valuation bets that feed-style UX can onboard retail users who find traditional terminals intimidating — 68,000 Apple Pay first-timers moved $25M on the platform, signaling mainstream-friendly friction reduction. Fomo now competes directly with copy-trading incumbents Binance, Bybit, OKX and Bitget for the same social-trading niche.
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