fomo's $75M Series B Signals VC Bet on On-Chain Trading

fomo, a trading platform that simplifies access to on-chain markets, raised $75 million in a Series B round led by Index Ventures, the company said Tuesday. Union Square Ventures joined the round, along with existing investor Benchmark.

The New York-based startup builds tools that let retail and institutional users trade crypto assets directly on blockchain networks without managing private keys or navigating decentralized exchange interfaces. The company describes its product as a bridge between traditional brokerage experiences and decentralized finance.

Index Ventures led the round with a check that ranks among the largest single investments the firm has made in crypto infrastructure. Union Square Ventures, an early backer of Coinbase and other digital-asset companies, participated alongside Benchmark, which had led fomo's Series A in 2024.

The funding comes at a time when on-chain trading volumes have climbed as more traders move activity from centralized exchanges to decentralized protocols. fomo's approach targets users who want the custody and settlement benefits of blockchain without the friction of managing wallets or gas fees.

fomo plans to use the capital to expand its engineering team, add support for additional blockchains, and build features aimed at professional traders, the company said. The platform currently supports Ethereum, Solana, and Polygon, with plans to add Bitcoin layer-2 networks later this year.

The Series B brings fomo's total raised to $120 million. The company declined to disclose its valuation.

Index Ventures partner Martin Mignot said in a statement that fomo's technology addresses a bottleneck that has kept many traditional traders from participating in on-chain markets. "The infrastructure is finally mature enough to support a product that feels familiar to anyone who has used a brokerage app," Mignot said.

Union Square Ventures' participation signals continued appetite for crypto-native trading tools among top-tier venture firms. USV partner Albert Wenger said the firm sees fomo as a potential distribution layer for the next wave of blockchain applications.

fomo's growth has tracked the broader recovery in crypto trading volumes. The platform processed roughly $4 billion in monthly trading volume as of May, up from $1.5 billion a year earlier, according to figures the company shared.

Benchmark partner Peter Fenton, who led the Series A, said fomo's retention metrics and user growth justified the larger round. "The team has executed on a vision that seemed ambitious two years ago and now looks like the natural next step for crypto markets," Fenton said.

The company employs about 90 people, with offices in New York and London. It plans to hire another 40 engineers and product managers by year-end.

fomo's raise adds to a string of large venture rounds in crypto infrastructure this year. Blockchain data platform Chainlink closed a $200 million Series C in March, and wallet provider Phantom raised $150 million in April.