fomo, a trading platform designed to simplify access to on-chain markets for everyone, announced the acquisition of proprietary software and intellectual property developed by Mobula, a on-chain data aggregator and infrastructure company. Certain members of the Mobula team will also join fomo, bringing deep expertise of on-chain data to help fomo develop its own data capabilities as the platform scales.
The acquisition comes at a pivotal moment for fomo. Its user base has more than doubled to more than 1.9 million since the beginning of July, with the platform now adding more than 30,000 new users each day. More than 1.2 million users have been active in August, and the company has climbed as high as No. 3 in the Finance category on the iOS App Store.
That growth is translating into rapidly increasing activity on the platform. fomo tripled its trading volume from $500 million in June to $1.5 billion in July. In August, the company is pacing towards more than $2.8 billion in monthly trading volume and ~$17 million in monthly revenue, implying a run rate of more than $200 million in annualized revenue.
As fomo has scaled, the demands on its underlying infrastructure have changed just as quickly. The company is now operating at a scale that requires greater control over the systems responsible for on-chain data, and global infrastructure. The acquired IP will enable fomo to develop these capabilities in-house rather than rely on a fragmented set of external infrastructure providers.
“As fomo scales, we’re investing in technology that will support the next phase of the business,” said Paul Erlanger, co-founder and CEO of fomo. “Mobula has built exceptional on-chain technology, and acquiring these assets gives us greater control over our infrastructure as we continue to expand the platform.”
Mobula was founded by Sacha Marcus, who will join fomo’s engineering team alongside Mobula CTO Sacha Delhoux and Head of Infrastructure Cyril Conan. The technology will be further developed by fomo with a focus on improving data reliability and performance across the platform.
“We built Mobula with the goal of making on-chain data and infrastructure faster, more reliable and easier to build on,” said Sacha Marcus, founder of Mobula. “Joining fomo gives us the opportunity to take that technology further and build it directly into one of the fastest-growing consumer platforms in crypto. We’re excited to bring the team and technology together and see what we can build at this scale.”
The acquisition also comes as fomo’s social layer accelerates alongside its trading activity. The platform is increasingly bringing trading, discovery and social interaction into the same experience – giving users new ways to discover assets, follow other traders and build an audience around their performance. New traders appear on leaderboards every day, while creators build audiences on fomo. fomo is investing in creators, streamers and media partners as it works to create new ways for traders and creators to build distribution and participate in the platform.
fomo has also continued expanding beyond its initial trading product. fomo Web now accounts for approximately 25% of total platform volume, while fomo Perpetuals also continues to grow. The company recently launched Clans, giving communities of traders a way to organize and compete together, further extending the social layer around trading.
The acquisition is intended to support this broader expansion by giving fomo greater control over the technology underneath the platform as it adds users, markets and new ways to participate. As fomo continues to scale, the company is building toward a more intuitive, social experience for discovering and trading on-chain assets.
For more information or to start trading, please visit www.fomo.family.