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FollowingCrypto trading platform Fomo acquires Mobula, with daily trading volume approaching US$250 million.
Crypto trading platform Fomo has announced the completion of the acquisition of Mobula technology and intellectual property, with a reported transaction value of US$17 million. The acquisition comes about two months after Fomo completed a $75 million Series B financing round.
Fomo is not limited to its mobile application, but also launched a Web platform and supports perpetual contract trading. Fomo, a Crypto trading platform founded by dydx executives, issued an announcement on LinkedIn, saying the acquisition will allow it to control and optimize "critical infrastructure" to support the platform's continued growth. [TAG"We are pleased to announce the acquisition of Mobula's technology and team," Fomo said in a statement. Mobula founders Sacha Marcus and Sacha Delhoux are also welcome to join the Fomo team.
This transaction gives Fomo direct access to Mobula's technical and engineering expertise. In the context of rapid platform expansion, Fomo is shifting key parts of the technology stack from external dependence to internal independent research and development, thus enhancing autonomous and controllable capabilities.
Why did Fomo choose to acquire Mobula?
As the user scale approaches the 2 million mark, Fomo's user base is expanding rapidly. Currently, Fomo's spot daily trading volume is close to US$250 million. If this average daily level is maintained, its monthly spot trading volume is expected to reach approximately US$7.5 billion.
This rapid growth highlights the importance of infrastructure. As more users and trading activity flock to the platform, the underlying systems must be able to handle massive amounts of market data and trading requests without sacrificing speed and reliability.
Mobula's focus on on-chain data infrastructure technology can help Fomo meet this challenge. According to an official press release, Mobula is an on-chain data infrastructure/index layer. Its technology can index, aggregate, standardize blockchain data across networks, and expose it to applications through APIs and data feeds, allowing applications to obtain market and wallet data without directly querying multiple blockchains.
Fomo is transforming from a pure mobile spot trading application to a comprehensive platform that integrates Web trading, perpetual contract and social trading functions. This means it needs to process more market and on-chain data. Therefore, this acquisition is highly consistent with Fomo's strategy to expand its trading platform.
Expansion of crypto business after financing
This acquisition follows shortly after Fomo completed its Series B financing. This round of financing was led by Index Ventures, followed by Union Square Ventures and existing investor Benchmark. Fomo is valued at approximately US$550 million.
At the time, Fomo said it planned to use new funds to expand areas such as stocks, perpetual contracts and forecasting markets, while continuing to improve its social trading platform.
Since then, Fomo has continued to break through the original mobile transaction experience. According to the company's disclosure, its Web platform now contributes approximately 25% of the platform's total transaction volume. In addition, Fomo has launched perpetual contract products that allow users to participate in derivatives trading in addition to existing spot transactions.
The company has also added a "Clans" feature that allows traders to team up and compete together. This is in line with Fomo's overall strategy of combining trading with social elements, allowing users to discover assets, follow other traders, share positions, and build community influence around their activities.
This expansion of the product line has also changed the underlying architectural requirements of Fomo, and this acquisition of Mobula is well suited to meet these new infrastructure requirements.
