Blocknom, a crypto-earning platform in Y Combinator’s present batch, has aspirations to change into the “Coinbase Earn for Southeast Asia.” Right this moment the corporate introduced it has raised $500,000 in pre-seed funding from Y Combinator, Quantity Capital and Magic Fund.
Blocknom’s co-founders, Fransiskus Raymond and Ghuniyu Fattah Rozaq say the app provides customers a safe approach (it companions with crypto infrastructure firm Fireblocks) to get secure, high-yield curiosity of as much as 13% each year. It additionally allows customers to withdraw their cash at any time with out charges.
The 2 founders met whereas engaged on an open supply venture in 2020, across the begin of the pandemic. “We seen throughout COVID, the crypto market is booming in Indonesia, whereas we had been each already crypto buyers,” Raymond informed TechCrunch.
“We talked to customers and located that not everybody can do nicely in buying and selling.” They discovered that DeFi is a secure and high-yield solution to achieve via crypto, however there have been no competing merchandise in Indonesia, so that they determined to construct one themselves. Its DeFi companions embody Compound, AAVE, Terra and Cake.
After signing up for Blocknom, customers with a checking account can deposit Stablecoins, which the founders selected as a result of it’s the most comparable to standard financial institution deposits and due to this fact accessible to new crypto customers.
Raymond mentioned Blocknom differentiates from funding apps by encouraging individuals to avoid wasting and maintain their Stablecoin for the long-term.