Blocknom Crypto Asset “Earning” Platform Announces Initial Funding Of 7 Billion Rupiah

Platform earning crypto asset Blocknom announced the closure of an initial $500 thousand (over 7 billion Rupiah) funding round from three investors, namely YCombinator, Number Capital, and Magic Fund. The last two investors, fronted by Hendra Kwik (Fazz), as well as making him an advisor at Blocknom with Tianwei Liu (Fazz) and Thomas Chen (Magic Fund).

Blocknom currently under Y Combinator incubation batch Winter 2022 with a number of other startups. The startup was started in January 2022 by a former employee Gojek and ShopeeFrancis Raymond and Matan engineer Ritase Ghuniyu Fattah Rozaq.

As a differentiation with the platform earning more, Blocknom offers yield deposits against stablecoin-based crypto assets available, namely USDT (Tether), USDC (Circle), and XIDR (Straits X). The product does not have lock-up period, thus investors can do withdraw funds whenever needed. Blocknom offers earning up to 13% per year and is claimed to be safe from coin price volatility.

“We started Blocknom to make crypto investing easy for everyone. Based on our research, we found that 90% of people don't get good results from trading crypto. However they find it better to make long-term crypto investments. We have not been able to find a suitable product in the market. So, we decided to build Blocknom for the good of everyone," said Blocknom Co-founder and CEO Fransiskus Raymond in an official statement, Friday (4/3).

Blocknom

Menurut company blog, Blocknom is the first gateway for investors to enter the DeFi era (decentralized finance). This platform operates on the web2 internet base and becomes a bridge for investors to the web3 DeFi industry. Blocknom applies transparency in the fund management process and has a system proof of community, with a commitment to always involve the community in the DeFi selection process for managing investor funds and having an unlimited incentives program for the community.

In the process earning, investors do earning deposit on the Blocknom site or app and investors will start earning rewards shared every day.

Behind the scenes, investor funds will be automatically entered into various platforms staking and earning pre-selected Blocknom community such as, AAVE, BALANCER, CELCIUS NETWORKS, CURVE, and so on. The Blocknom algorithm will automatically carry out the process of selecting and distributing funds to the DeFi platform that has the following: yield biggest.

The competitive interest can be given because: backbone the lending institution is blockchain technology, which has the main business of lending with collateral. The collateral is in the form of digital assets such as Bitcoin, Ethereum, etc. This allows borrowers to pay a premium interest, because they believe the value of the asset will be much higher than the interest they are paying.

Blocknom trusts Fireblock as a custodial company to store all Blocknom deposit funds. For more security, apply security wallet highest level bank standard and full encryption (2 factor verification). From a regulatory perspective, Blocknom operates throughout Southeast Asia using the license partner method from StraitsX which has been licensed by MAS. Also, currently applying for a permit to operate in Indonesia to CoFTRA as the relevant authority.

Francis said, after earning stablecoins, the company will continue to innovate to realize the mission of everyone to start the crypto investment journey through Blocknom.

"In the future, there will be a number of other features that aim to help people feel the benefits of crypto, not only as an investment, but also part of their daily life," he concluded.