Blocknom aspires to become the ‘Coinbase Earn of Southeast Asia’
- ByStartupStory | March 4, 2022
A crypto-earning platform in Y Combinator’s current batch, Blocknom, aspires to become the “Coinbase Earn for Southeast Asia.” An announcement made by the company today states that from Y Combinator, Number Capital and Magic Fund, about $500,000 has been raised in pre-seed funding.
The app provides users a secure way by partnering with crypto infrastructure company Fireblocks so as to get stable, high-yield interest of up to 13% per annum. It also permits the users to withdraw money at any time without fees, says Blocknom’s co-founders, Fransiskus Raymond and Ghuniyu Fattah Rozaq.
In 2020, while working on an open source project in 2020, around the start of the pandemic the two founders met. “We noticed during COVID, the crypto market is booming in Indonesia, while we were both already crypto investors,” said Raymond in a report.
During the conversation with the users, they found out that not everyone can do well in trading. They decided to build one themselves when they knew that DeFi being a stable and high-yield way to gain through crypto had no competing products in Indonesia. Compound, AAVE, Terra and Cake are the partners with DeFi.
Users with a bank account can deposit Stablecoins chosen by the founders after signing up for Blocknom, as it would be most comparable to conventional bank deposits and accessible to new crypto users. “Blocknom differentiates from investment apps by encouraging people to save and hold their Stablecoin for the long-term.”, said Raymond.
Also Read
Follow Startup Story
Related Posts
