Cross-chain trading app Fomo raises $17 million in round led by Benchmark

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.