I've been an avid early-stage technology enthusiast for years before becoming a startup operator in DeFi, and now I'm a full-time policy advocate for the crypto ecosystem. I've had the privilege to watch closely as the space has rapidly evolved. Now I'm thrilled to contribute in a brand new way: as an angel investor in the fast-growing social trading app, Fomo.
From 0 to 1 (and then some)
Over the last decade, crypto has transformed from an outsider space viewed as little more than a novelty to a multi-trillion dollar industry with millions of daily participants from every corner of the world.
As legislation and regulation (my main slice of the crypto pie) further strenghtens digital assets as a core component of the global financial environment, we need better user-focused solutions to bring everyday people onchain.
Bringing more people onchain is crucial because we'll only see the true potential of this technology when ordinary people interact with it daily. Blockchain applications empower individuals to control their digital value and personal data in ways previously impossible online.
A quick example why having more meaningful control over your data is relevant today:
Last week, over 72,000 images—including face scans, driver's licenses, and other data, plus IP addresses—belonging to tens of thousands of users of the dating app Tea were leaked online. Ironically, Tea is a platform built around user safety. This incident highlights the danger of centralizing sensitive data repositories, a problem that crypto technology can help solve. [Read more HERE]
But bringing new people onchain is challenging. Currently, crypto is complex, confusing, and often too cumbersome for everyday people to consider using. We need a new generation of useful, user-friendly consumer applications to help people access the world of crypto.
Enter FOMO
Last year, a group of entrepreneurs led by my former dYdX colleagues and friends—Paul Erlanger, Se Yong Park, and Prashan Dharmasena—united to start a project with a straightforward goal: help people have fun trading crypto with their friends while ensuring they never miss exciting trends. Since then, the work they've put in to make this vision a reality has been nothing short of staggering.
A great description of the app from the publication Blocmates:
"Fomo is a mobile crypto trading application that merges token and social discovery into a cohesive experience.
Just as Twitter revolutionized content, Instagram transformed media, and Strava enhanced running, fomo offers an interactive platform where users can trade tokens and observe real-time trading activities of others.
Beginning with instantaneous and gasless transactions, along with copy trading, leaderboards, and other social media-esque features, fomo aims to transform trading into a social experience, equipping users with essential tools to ensure they never miss out again."
The mobile app has only been live since its beta launch ten weeks ago. It's seen fantastic growth and—in my opinion—is on track to become one of the leading retail-focused crypto apps in the world.
From Fomo's CEO, Paul Erlanger: "The vision for fomo is far more than a mobile trading app. It's the first intuitive crypto ecosystem built around identity, discovery, and ease of use."
Much of the specific data regarding trading volume, revenue, and user growth is still proprietary, but I've seen the numbers, and they are extremely impressive. For example: Fomo's user base grew more than 10x in the last month alone.
They've integrated a first-in-crypto Apple Pay checkout flow and implemented a variety of clever user-centric features (like slide to close positions and a meaningful social interface) that have attracted more users and inspired them to navigate past competitors to return to the platform day after day.
If you know this space, it’s clear that Fomo is an idea whose time has come. And if you know this team, you know that they are among the best in the business. I am far from alone in this opinion, and accordingly, the company is backed by some of the biggest and best names in crypto and DeFi:
Fomo is just getting started and I'm extremely fortunate to be along for the ride.
Try Fomo today on Apple iOS or Android, follow the project on Twitter.
R