Fomo Co-Founders on Building the Social Network for Finance

Summary

Co-founders of fomo, a social trading app built on crypto rails, discuss their product vision, fundraising from non-crypto VCs, user acquisition strategies, and plans to offer perps, tokenized equities, and prediction markets. They emphasize transparency, non-custodial trading, and building a social graph to become the largest trading app globally, while sharing positive macro views on crypto vs stocks.

• Fomo is a social trading app aiming to be the largest global trading platform by combining non-custodial on-chain trading with a transparent social layer.
• The company raised $75M at a $550M valuation from investors like Benchmark, Index, and USV, marking one of the first crypto deals for some.
• Co-founders Paul and Se previously worked at dYdX and bring complementary trader and consumer perspectives to product design.
• Fomo's trading experience is compared to a blend of Instagram and Robinhood, with thesis posts tied to trades, no automatic copy trading, and sponsored gas fees.
• User acquisition comes primarily from organic channels, word-of-mouth, and TikTok UGC, with over 700,000 lifetime users and 30% funding conversion.
• Business model relies on 50 bps on long-tail spot, 5 bps on majors and perps, absorbing all gas and infrastructure costs, with future revenue diversification planned.
• The product roadmap includes expanding into yield products, tokenized equities, prediction markets, and a stronger social feed to enhance discovery.
• Both founders expressed a bullish long-term view on crypto outperforming stocks, citing private market access and early price discovery as key drivers.