Cross-chain trading app Fomo raises $17 million in round led by Benchmark
Quick Take Fomo said it has “processed nearly $700 million in volume” and onboarded more than 120,000 users during its beta.
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 content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Defying Market Swings: $NNZ's Tactical Approach to Crypto
- Bitget report highlights Noomez's $NNZ token as a 2025 bull run contender with 280x price potential via its 28-stage presale model. - Deflationary mechanics include token burns at key milestones, 15% locked liquidity, and double staking rewards for early adopters. - Community-driven features like "Noom Recruit" referral program and transparent Noom Gauge dashboard aim to build trust and adoption. - Analysts note $NNZ's structured approach addresses meme coin volatility while aligning with 2025 trends fav
Growing Institutional Focus on Momentum (MMT)
- Momentum (MMT) token surged 1330% post-Binance listing, driven by $10M funding and institutional backing from Coinbase , OKX, and Jump Crypto. - On-chain data shows $12B 30-day DEX volume and $265M TVL, but analysts warn of speculative risks amid 224% 24-hour volatility spikes. - Institutional capital shifts toward Bitcoin/ETH staking ($6.1B combined inflows) raise questions about MMT's long-term viability without proven real-world utility. - Upcoming ve(3,3) DEX and RWA integrations aim to enhance MMT's
AAVE -3.37% 7-Day Surge Despite Year-Long Downtrend as Market Integrates
- Aave's AAVE token fell 0.89% in 24 hours to $207.68 despite a 3.37% 7-day rally amid strategic integrations. - Aave Horizon's partnership with VanEck's VBILL tokenized Treasury fund enables institutional-grade collateral via Chainlink and Securitize infrastructure. - The integration creates arbitrage opportunities with 4.84%+ potential returns through VBILL collateralized RLUSD borrowing strategies. - Backtests show Aave outperformed BTC by +14.54% over 30 days post-announcement, with 67% positive excess
Kyo Achieves $1 Billion Valuation: Wagering on Cross-Chain DeFi Integration During Industry Upheaval
- Kyo Finance secures $5M Series A at $1B valuation, aiming to unify blockchain liquidity via cross-chain interoperability. - DeFi faces innovation vs. security tensions as projects like Mutuum advance infrastructure while crises like Stream Finance's $93M loss expose systemic risks. - Industry responds with risk mitigation tools (e.g., RedStone ratings) and modular infrastructure reforms to address contagion risks from interconnected lending markets. - Kyo's valuation reflects institutional confidence in
Trending news
MoreCrypto prices
More
