Markets remain under pressure, and venture funding has slowed down. Against that backdrop, social trading platform Fomo has raised $75 million in a round led by Index Ventures at a $550 million valuation, with participation from Union Square Ventures and Benchmark. The funding reflects growing investor conviction that the next wave of crypto adoption may be driven by better ways of discovering trades.
Part of what changed is the rulebook. Shortly before Fomo’s round, U.S. regulators clarified that non-custodial crypto apps like it don’t have to register as broker-dealers, removing a hurdle that had pushed much of this activity overseas. Several investors point to that shift. “The cash chasing Fomo isn’t really about trading —…
