Fomo Announces Trading Support on the First Day of Arc Mainnet Launch

Fomo has announced that it will support trading starting from the first day of the launch of Circle's Layer 1 blockchain, Arc. Arc is designed as a stablecoin payment infrastructure, and interest is growing in its initial use cases with the addition of a trading app for individual investors. Se Yong, co-founder of Fomo, stated on social media at 8:22 AM KST on the 30th, "We will go live on Arc's first day." Circle has indicated that Arc is currently in the private mainnet phase, with a public mainnet launch targeted for September 16, 2023. Arc features a structure that uses USD Coin (USDC) for gas fees, offering predictable dollar-based fees, an integrated foreign exchange engine, and certainty in sub-cent payment confirmations. Circle announced that over 100 institutions, including BlackRock, DTCC, and Galaxy, are participating in the founding validator group for Arc. Upbit has been included as an exchange and wallet provider supporting USDC access, custody, and cross-chain movement on Arc. Fomo's statement about support on the first day suggests a connection between the payment and settlement infrastructure described by Circle and on-chain trading services for individual investors.