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Fomo has acquired Mobula’s technology and intellectual property in a reported $17M deal.
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The acquisition comes just over two months after Fomo raised $75M in Series B funding.
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Fomo has expanded beyond its mobile app with a Web platform and perpetual futures trading.
dydx executives founded Crypto trading platform Fomo has announced a major acquisition. It has acquired Mobula’s technology and team as it scales its spot trading business.
Fomo announced the acquisition in a LinkedIn post, saying the deal will allow it to own and improve “critical infrastructure” as the platform continues to grow.
“We are excited to announce our acquisition of Mobula technology and team,” Fomo said.
The company also welcomed Mobula founder Sacha Marcus and Sacha Delhoux to the Fomo team following the acquisition.
The deal gives Fomo direct access to Mobula’s technology and engineering expertise at a time when the trading platform is seeing rapid growth. Rather than relying entirely on external infrastructure, Fomo is bringing critical parts of its technology stack in-house Here’s how:
Why Fomo has Acquired Mobula
The acquisition comes as Fomo’s user base moves closer to the 2 million mark.
Fomo said it is now approaching 2 million users, while daily spot trading volume is nearing $250 million. That puts the platform on pace for roughly $7.5 billion in spot volume over a 30-day period if that daily level is maintained.
The growth also shows why infrastructure has become increasingly important for the company.
As more users and trading activity move through the platform, the underlying systems of the platform need to handle larger amounts of market data and transactions. This is without compromising speed or reliability.
Mobula’s technology which is focused on on-chain data infrastructure can help Fomo handle that.
Technically, as per the official press release, Mobula is an on-chain data infrastructure/indexing layer. Its technology indexes blockchain data, aggregates it across networks, normalizes it. It exposes it through APIs/data feeds so applications can retrieve market and wallet data without querying multiple blockchains themselves.
Fomo is becoming more than a mobile spot-trading app. It now has Web trading, perpetuals and social trading features, which means it needs to process considerably more market and on-chain data.
That makes the acquisition particularly relevant to Fomo’s plans to expand its trading platform.
Crypto Expansion Since Funding
The move also comes just over two months after raising $75 million in a Series B round led by Index Ventures, with participation from Union Square Ventures and existing investor Benchmark. The round valued Fomo at around $550 million.
