Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
Home»ADOPTION NEWS»SocialFi app Tomo has raised $3.5 million in seed funding and plans to improve its points.
ADOPTION NEWS

SocialFi app Tomo has raised $3.5 million in seed funding and plans to improve its points.

By Crypto FlexsApril 11, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SocialFi app Tomo has raised .5 million in seed funding and plans to improve its points.
Share
Facebook Twitter LinkedIn Pinterest Email

SocialFi app Tomo closed a $3.5 million seed funding round led by Polychain Capital, with participation from Consensys, Symbolic Capital, OKX Ventures, Nomad Capital, Story Protocol, dao5, KuCoin Ventures, and HTX Ventures.

“We are thrilled with the support of our investors to help us innovate in the SocialFi environment,” Tomo founder Ryan Fang said in a statement. “Tomo’s mission is to pioneer a multichain Web3 social wallet that unlocks unique blockchain-based opportunities. Our vision extends to building a platform where every connection is direct and financially valuable.”

“At Polychain, we support founders and projects that enable new behaviors. We recognize Tomo’s role in introducing a huge new user base to the web3 space,” added Olaf Carlson-Wee, founder and CEO of Polychain Capital. “Tomo optimizes the distribution of value created at the intersection of creators and fans by adding financial incentives to the feedback loop already built into social media apps.”

Tomo did not disclose the valuation or round structure.

What is Tomo?

Like other SocialFi apps, such as leader FriendTech, Tomo uses a “key” system that allows users to purchase access to content and direct messaging from creators while moderating content according to community guidelines. Main transactions are denominated in USD but take place in Ether, with a 10% royalty fee shared equally between Tomo and the content creator.

The iOS and Android apps aim to simplify blockchain technology for social media users connected via Gmail, Apple ID, X or Instagram handles. Tomo integrates fiat onramping solutions through third-party partners to automatically set up non-custodial wallets using ERC-4337 technology and supports the affordable, scalable Ethereum Layer 2 networks Linea and Base incubated by Consensys and Coinbase, respectively. It is operated by .

ERC-4337, a major update introduced by core developers in March 2023, enabled account abstraction on Ethereum for the first time. Account abstraction allows wallets to act as smart contracts and operate sophisticated features such as multi-factor authentication and wallet social recovery.

Tomo currently ranks fourth in terms of total value locked in SocialFi apps, with nearly $1 million in assets, according to DeFiLlama data. FriendTech is leading the cryptocurrency niche with a base TVL of $40 million. Avalanche’s Arena and NOS’s Alpha take second and third places.

TomoID, Tomojis and improved points rewards

Along with the funding announcement, the platform also unveiled TomoID, a social wallet for content creators and enterprises. The platform features a link-in-bio tool and an affiliate program for cryptocurrency commissions and is said to have been launched in beta.

Tomo will also revamp its points system in the coming weeks to encourage early contributors and participants to engage with the app. Tomo has yet to confirm whether it will launch a token for the platform. But if so, points could become an important metric for retroactively rewarding users, the team told The Block.

The SocialFi app also allows users to create and trade ERC-404 tokens called “Tomojis.” This provides fractional ownership compared to traditional NFTs. Tomojis serve as collectible digital assets and functional emojis in the app and can also be traded on exchanges, Tomo said.

The four-person team combined Ethereum’s ERC-20 token standard with NFTs last February to create a new ERC-404 standard for semi-fungible tokens.

“Tomo’s SocialFi strategy is not another ‘bonding curve’ fork. The team is focused on the social aspect with a clear vision and innovative Web3-based ideas,” said Marco Monaco, Head of Growth at Consensys. “This investment is a testament to not only the team, but also the technology stack that serves as a reference implementation for dApps that aim to bring millions of dollars to Web3 (mobile apps, account abstraction, transparent connectivity, self-custodial, fiat entry and the Linea ecosystem).”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

XRP Open Interests decrease by $ 2.4B after recent sale

July 30, 2025

KAITO unveils Capital Launchpad, a Web3 crowdfunding platform that will be released later this week.

July 22, 2025

Algorand (Algo) Get momentum in the launch and technical growth.

July 14, 2025
Add A Comment

Comments are closed.

Recent Posts

Flipster And Kaia Partner To Extend Stablecoin Access Across Asia

August 6, 2025

MEXC Ventures Invests In Triv, Indonesia’s Leading Crypto Exchange, At $200 Million Valuation To Accelerate Southeast Asia Expansion

August 6, 2025

QPR has a partner relationship with Tokenfi to sponsor training kits.

August 6, 2025

Dreamcash starts the trading platform rollout with hyperclicade integration through waiting list.

August 6, 2025

Dreamcash Begins Rollout Of Trading Platform With Hyperliquid Integration Via Waitlist Access

August 5, 2025

Cango Inc. Announces July 2025 Bitcoin Production And Mining Operations Update

August 5, 2025

Succinct, The First Decentralized Prover Network, Launches On Mainnet

August 5, 2025

ONyc Launches On Kamino, Unlocking Real-World Yield And Collateral Utility In Solana DeFi

August 5, 2025

Your Best Choice For Security, Efficiency, And Transparency

August 5, 2025

The expansion of the Bitpanda Eyes market strikes record profitability

August 5, 2025

Bitfinex Alpha | While the market is waiting for the catalyst, BTC is integrated and leverage falls.

August 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Flipster And Kaia Partner To Extend Stablecoin Access Across Asia

August 6, 2025

MEXC Ventures Invests In Triv, Indonesia’s Leading Crypto Exchange, At $200 Million Valuation To Accelerate Southeast Asia Expansion

August 6, 2025

QPR has a partner relationship with Tokenfi to sponsor training kits.

August 6, 2025
Most Popular

A look at the performance of Avalanche and Aptos during token unlocking

December 8, 2023

Ether Lee prints four red monthly candles for four consecutive consecutive, but refers to the ETH/BTC floor.

April 2, 2025

OKX Announces Support for New USDC Spot Trading Pairs

May 16, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.