What is your favorite crypto influencer buying and selling these days? Fomo could help paint that picture — at least a little bit.
“The name Fomo for us is very subversive,” Fomo co-founder Paul Erlanger tells me.
Fomo, a new SocialFi app and cryptocurrency trading application (Kaito CEO is investor), is slated to launch in the near future. The app tracks how users use their funds. The app will have many features. “attention-based assets,” Erlanger explains that it is not only for memecoins.
“We’re not a memecoin-trading app. The goal is to be something a lot larger,” He said.
Fomo will be launching a feed of real-time data showing users’ trading, tokens and what they have been buying or selling in the past. You can see your tokens by selecting it. “friends” What is this token?
You’ll be able to see both the internal data and financial data, so you can stay on top of things like interest rates at federal level or any other pertinent information that may help guide your next buy or sell.
Fomo’s wallets do not hold your keys, so you are in control of the crypto. While some builders believe that custodying others’ crypto is easier for newcomers, many crypto believers — myself included — see non-custodial wallets as an integral, critical part of the crypto ethos and experience.
“I think the non-custodial experience will win, and that’s kind of our advantage to Robinhood,” Erlanger said.
Fomo can’t identify any external wallets or other devices at this time, which means they will only be tracking what users are doing through Fomo. That means Fomo users could be posturing as buying or selling a token from their Fomo profile, but could be doing the opposite on a secret wallet — so take the data you can see with a couple grains of salt.
The team has been looking at ways to collect even more information, such as tracking wallets to tie them with different users to get a better picture.
Fomo founders have told me they are planning on launching their beta version in just three weeks. It’s planned to be tested with as many users as 10,000. About six or eight weeks after now, we may see the full launch.
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