Crypto Trading Platform Fomo Acquires Mobula as Daily Volume Nears $250M

Crypto Trading Platform Fomo Expands Infrastructure with Mobula Acquisition

Fomo, a rapidly growing crypto trading platform, has announced the acquisition of Mobula's technology and intellectual property in a reported $17 million deal. This strategic move comes as Fomo's user base approaches 2 million, with daily spot trading volume nearing $250 million. The acquisition is expected to enable Fomo to own and improve critical infrastructure as the platform continues to scale.

Scaling Infrastructure to Meet Growing Demand

Fomo's growth has been remarkable, with the platform now accounting for around 25% of total platform volume on its Web platform. The company has also expanded into perpetuals, giving users access to derivatives alongside its existing spot trading products. To support this growth, Fomo requires a robust infrastructure that can handle larger amounts of market data and transactions without compromising speed or reliability. Mobula's technology, which indexes blockchain data, aggregates it across networks, normalizes it, and exposes it through APIs/data feeds, is expected to play a crucial role in meeting Fomo's infrastructure needs. By acquiring Mobula's technology, Fomo gains direct access to on-chain data infrastructure, enabling the platform to retrieve market and wallet data without querying multiple blockchains.

Why Infrastructure Matters for Fomo

As Fomo continues to expand its trading platform, infrastructure has become increasingly important for the company. With more users and trading activity moving through the platform, the underlying systems need to handle larger amounts of market data and transactions. This requires a robust infrastructure that can scale to meet the demands of the growing user base. Mobula's technology is specifically designed to handle on-chain data infrastructure, making it an ideal fit for Fomo's needs. By acquiring Mobula's technology, Fomo can improve its critical infrastructure, enabling the platform to handle larger amounts of market data and transactions without compromising speed or reliability.

Recent Funding and Expansion Plans

The acquisition comes just over two months after Fomo raised $75 million in a Series B round led by Index Ventures, with participation from Union Square Ventures and existing investor Benchmark. The round valued Fomo at around $550 million, with the company planning to use the fresh capital to expand into areas including equities, perpetuals, and prediction markets, while continuing to develop its social trading platform. Since then, Fomo has continued to move beyond its original mobile trading experience, expanding into perpetuals and adding features such as Clans, which allows groups of traders to organize and compete together. This fits into Fomo's broader attempt to combine trading with social features, allowing users to discover assets, follow other traders, share positions, and build audiences around their activity.

What's Next for Fomo?

The acquisition of Mobula's technology and intellectual property is a significant step for Fomo as it continues to scale its trading platform. With direct access to on-chain data infrastructure, Fomo can improve its critical infrastructure, enabling the platform to handle larger amounts of market data and transactions without compromising speed or reliability. As Fomo continues to expand its trading platform, it will be interesting to see how the company leverages its new infrastructure to support its growth. With a user base approaching 2 million and daily spot trading volume nearing $250 million, Fomo is well-positioned to become a major player in the crypto trading space.

Key Takeaways

* Fomo has acquired Mobula's technology and intellectual property in a reported $17 million deal. * The acquisition comes as Fomo's user base approaches 2 million, with daily spot trading volume nearing $250 million. * Mobula's technology indexes blockchain data, aggregates it across networks, normalizes it, and exposes it through APIs/data feeds. * The acquisition is expected to enable Fomo to own and improve critical infrastructure as the platform continues to scale. * Fomo has expanded into perpetuals, giving users access to derivatives alongside its existing spot trading products.