Index Ventures, Union Square Ventures back trading app Fomo at $550M valuation

Index Ventures and Union Square Ventures have backed Fomo, a crypto trading app, in a $75 million Series B round that valued the startup at $550 million, according to the company's announcement on Monday. Index Ventures led the round, with participants including Mark Pincus, Humam Sakhnini, and Kevin Hartz. Cofounders Paul Erlanger, Se Yong Park, and Prashan Dharmasena, who previously worked at dYdX, built the app to simplify buying tokens, which Dharmasena said should take about 30 seconds. Erlanger said the company wants to be seen as more than a crypto app, and Park said Fomo onboards about 3,500 new users per day.