Park Se-yong, Co-founder of Fomo: "The Era of Trading All Assets in One App is Coming"

[Block Media Editor Jeong Yoon-jae]
"What we want to create is not just a simple trading app. It is a financial social network where people can verify each other's investment judgments, share information, and trade all assets."

Park Se-yong, co-founder of Fomo, said this in an interview with Block Media. The long-term goal of Fomo, as presented by Park, is to create an integrated financial platform that connects not only digital assets but also stocks, commodities, and prediction markets. The aim is to enhance trading accessibility while building a social finance ecosystem where investors can learn from each other.

Fomo currently has 2.7 million overseas users. According to Park, the daily trading volume is about $200 million, with a cumulative trading amount of around $14 billion to $15 billion.

He pointed out that Fomo's core competitiveness lies not only in trading features but also in social functions that allow investors to share their buying and selling histories, profits and losses, and investment rationale.

"Existing financial media mostly deliver information after trades have been made. At Fomo, when someone buys an asset, they can share their investment logic at the same moment. We want to change the way financial information is generated and disseminated."

A Social Financial Platform Connecting All Assets

Park highlighted the limitations of accessibility to financial markets as the background for founding Fomo. He noted that ordinary users need to understand complex technologies such as wallets and trading tools to trade on-chain assets.

Fomo focuses on simplifying this process. It is designed so that users do not have to be aware of complex blockchain technology, enabling asset search, trading, and investment information sharing all within one app.

He predicts that in the future, all global financial assets will move on-chain. The goal is to connect not only U.S. stocks but also stock markets from countries like India and Europe on a single platform.

However, he cautioned against the social features leading to indiscriminate following trades by investors. This is also the reason why Fomo has not introduced a copy trading feature that automatically follows users' trades.

"It is important for people to learn by observing other investors. However, the final investment decision must be made independently."

Fomo aims to be a platform that can be used by both novice and experienced individual investors. However, he explained that it does not aim to provide optimized technical tools for high-frequency trading firms or professional market makers.

Understanding Users Before Entering the Korean Market

Park evaluated user expansion as a more important indicator of Fomo's growth than trading volume.

He believes there is a greater opportunity in attracting new users who have not participated in the financial market than in attracting existing digital asset investors from other platforms.

Fomo allocates more than 50% of its revenue to community rewards and referral commissions. The remaining resources are invested in technology development and talent acquisition.

Regarding the Korean market, he showed a cautious attitude. Instead of announcing specific entry plans, he stated that he is focusing on understanding the characteristics of the market by meeting with domestic traders and institutions.

Park said, "We came to learn about the Korean market," adding, "Before starting specific business activities, it is a priority to build relationships with the community and understand what is needed."

The following is a Q&A with Park Se-yong, co-founder of Fomo.

― What is the biggest reason for founding Fomo?

"I felt that the process of accessing the financial market was overly complicated. To trade on-chain assets, one had to use wallets and various applications. It was a structure that ordinary users found difficult to intuitively understand.

I wanted to create a platform where anyone could start trading in seconds and understand what is happening. Now, creating a social network that shares financial information beyond just simple trading accessibility is the most important goal."

― Publicizing other people's trading histories and returns could increase following trades. What do you think?

"People learn by observing the actions of others. If they can see who buys what asset and why they invested, it becomes much easier to participate in the financial market.

However, Fomo currently does not have a copy trading feature. Many users request it, but I believe it is important for investors to make their own judgments.

What we want to provide is not a function that replaces investment judgment. It is to provide information, education, and context to help users make independent decisions."

― Ultimately, what is the range of assets that can be traded on Fomo?

"If possible, all assets in the world. The world is moving on-chain. I believe that virtually all financial assets, including stocks, digital assets, yield-related products, and prediction markets, can be traded.

In the future, there will be a market where not only existing assets are tokenized but also assets are issued on-chain from the very beginning.

In particular, I want to connect global stock markets. I dream of an environment where users can naturally trade assets from any country, whether from the U.S., India, or Europe, on a single platform."

― Is it possible to satisfy both novice and professional investors?

"I believe it is possible. However, high-frequency trading firms, market makers, and professional funds may not choose Fomo as their top technical tool.

Our goal is to create a platform that allows everyone from ordinary users to skilled individual investors to participate together.

If new investors learn from experienced investors and the process of exchanging information is repeated, it can have a positive effect on the entire platform."

― What is the current number of users and trading volume?

"Currently, we have 2.7 million users. The daily trading volume is about $200 million, and the cumulative trading volume is around $14 billion to $15 billion.

I hope that in the coming months and years, as the market and platform grow, these figures will look like a small starting point.

Above all, it is exciting to see new users coming in. Existing digital asset traders are already trading on various platforms. Our focus is on those who have not traded any financial assets until now."

― Where do you plan to concentrate your growth funds?

"I plan to invest in creating the best products and community. Currently, more than 50% of our revenue is used for user rewards and referral commissions.

The remaining resources will be invested in building a great team and technology.

Technology is a critical challenge. Implementing technology that can reliably support over 200,000 traders daily on a large scale is not easy. I want to create a trading platform that can accommodate more users in the future."

― Do you think the trading platform can also serve as a financial information platform?

"The information provided by current financial media is mostly secondary information delivered after trades or information discovery has already occurred.

At Fomo, a person who buys an asset can immediately share their investment rationale. Users participate from the very early stages of information creation.

Prices often move before news. We believe it is important to have a platform where we can see what is happening in the market at the earliest stage."

― What is more important for Fomo, liquidity or users?

"The number of users. We want to create a strong financial social network.

Both large traders and small investors are important. Even users who do not trade directly should be able to participate.

The goal is to create a platform where everyone can discover the value they need. It is important to enable more people to access the financial market."

― How do you evaluate the Korean market and what are your entry plans?

"The most important purpose of this visit is to learn about the Korean market.

I want to meet traders, institutions, and industry stakeholders to understand how the Korean market operates.

Before starting specific business activities, I want to find the right approach. Building relationships with the community and exchanging ideas is a priority.

We want to know what difficulties users are facing. We want to hear not only about Fomo products but also what is inconvenient in the overall financial market. Ultimately, our goal is to make it easier for more people to access the financial market.

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