Privy and fomo

At a glance Infrastructure provider

Link to fomo

Wallet infrastructure named in fomo's terms: creates and secures the keys behind every fomo account

Official site

privy.io

What Privy is

Privy describes itself as “programmable wallet infrastructure for modern financial applications.” Apps use it to create embedded wallets: wallets made for a user behind an ordinary login, with no seed phrase. That is the experience fomo offers: you sign up with your Apple ID or Google account and get two wallets, one on Solana and one EVM address that works on fomo’s seven EVM networks.

fomo’s terms (section 6) are explicit: “Wallet functionality uses Privy, a third-party wallet infrastructure provider, or other supported infrastructure.” fomo’s February 2025 pre-seed announcement also listed Privy’s CEO, Henri Stern, among its angel investors.

How the keys are protected

fomo’s help centre: “Your private key is never stored in one place. It is split into multiple shares and distributed so that no single party, including fomo, holds enough to reconstruct it. The key is only reassembled inside a secure hardware environment for the brief moment needed to sign a transaction.”

Privy’s own security docs describe the same design in more detail:

• Key sharding. Keys are split with Shamir’s secret sharing into “encrypted shares distributed across separate security boundaries”. No single share gives access.
• Trusted execution environments. Keys are “only temporarily reconstructed within trusted execution environments”, which Privy says are AWS Nitro Enclaves with “no persistent storage, no interactive access, and no network connectivity”.

On top of that fomo offers optional multi-factor authentication (an authenticator app, then a passkey), which every withdrawal, send and key export then asks for, plus Screen Lock on mobile and a PIN lock on the web.

What fomo does not promise

Non-custodial does not mean nothing can go wrong. Two lines in fomo’s terms matter:

• “The Fomo platform and Services do not custody user assets.”
• “Fomo does not guarantee the availability of any export, recovery, or access method, as such availability may be subject to Privy functionality.”

In practice: your wallet depends on the login you created it with. Signing in with a different Apple ID or Google account creates a separate fomo account. If you want a copy of your key that does not depend on fomo or Privy, export it from Settings (or fomo.family/export-key on the web) and store it offline. fomo says it will never ask for your private keys through email, DMs or any other channel; anyone who does is not fomo. The same goes for bots that offer to trade for you: see third-party tools for what fomo’s terms say about them. Our wallet and private keys guide walks through export.