Fomo Buys Mobula for $17M to Tackle Trading Volumes

Crypto trading platform Fomo has acquired Mobula's technology and intellectual property for $17 million, according to reports. This deal comes just over two months after Fomo raised $75 million in Series B funding, which valued the company at around $550 million.

The acquisition is seen as a strategic move by Fomo to expand its infrastructure and handle growing trading volumes. Fomo's user base has reached nearly 2 million users, with daily spot trading volume nearing $250 million. If this level of activity continues, it would put the platform on pace for around $7.5 billion in spot volume over a 30-day period.

Mobula's technology, which indexes blockchain data and aggregates it across networks, will enable Fomo to handle larger amounts of market data and transactions without compromising speed or reliability. This move is particularly relevant given Fomo's plans to expand its trading platform into areas such as equities, perpetuals, and prediction markets.