Licensing Problems, Blocknom Crypto Asset Platform Temporarily Stops Service
Blocknom has booked seed funding from Y Combinator, Number Capital, and Magic Fund in March 2022
Platform earning Crypto asset Blocknom announced it would temporarily suspend its services from July 1, 2022. Blocknom did not specify the reasons for this termination, but said it had considered the market situation and government regulations. On the other hand, they do not yet have an operational permit or license authority, in this case from CoFTRA.
Delivered in the blog, Blocknom's management said it would discontinue support for Decentralized Finance (DeFi), for which daily interest on USDT, USDC, and XIDR will also stop accumulating.
"At this time, we advise you to withdraw your assets from the platform as soon as possible. You need not worry because your assets are safe. Please withdraw all your assets before July 31, 2022," the statement said.
According to management, it has closed the acceptance of new users and deposits since June 20, 2022. To simplify the asset withdrawal process, it appeals to users to immediately withdraw assets before July 31, 2022. After that, it is most likely that withdrawals will only be made via offline CS.
"We will come back stronger with more services when we get our license. Please wish us luck."Close the Blocknom team.
Recently, crypto asset management services have started to appear in Indonesia. This is in line with the increasing number of people diversifying into this virtual currency. According to CoFTRA, as of February 2022 there are around 12,4 crypto investors.
Just got funding
For information, Blocknom was just started in January 2022 by a former employee Gojek & ShopeeFrancis Raymond and ex engineer Ritasi Ghuniyu Fattah Rozaq. Blocknom is known to be one of the incubation startups in Y Combinator batch Winter 2022.
To add value to its platform, Blocknom offers yield deposits on crypto-based assets stablecoin, namely USDT (Tether), USDC (Circle), and XIDR (StraitsX).
In addition, Blocknom applies transparency to the fund management process and has a system proof of community on the DeFi selection process for investor fund management, and programs unlimited incentives for their community.
Since the last few months, Indonesia's digital ecosystem has been hit by a phenomenon bubbleburst as a result of global situations and conflicts. Crypto asset prices are also reported to continue to fall, Bitcoin and Ethereum are no exception.