Blocknom, a crypto earning platform in Y Combinator’s current batch, has the ambition to become the “Coinbase Earn for Southeast Asia”. Today, the company announced that it has raised $500,000 in pre-seed funding from Y Combinator, Number Capital and Magic Fund.
Blocknom co-founders Fransiskus Raymond and Ghuniyu Fattah Rozaq say the app provides users with a secure way (it partners with crypto infrastructure firm Fireblocks) to get a stable, high-yield interest rate of up to 13% per year. It also allows users to withdraw their funds at any time without any fees.
The two founders met while working on an open source project in 2020, around the start of the pandemic. “During COVID, we noticed that the crypto market is booming in Indonesia, when we were both already crypto investors,” Raymond told TechCrunch.
“We spoke to users and found that not everyone can do well in trading.” They found that DeFi is a stable and high-yield way to make money through crypto, but there were no competing products in Indonesia, so they decided to build their own. DeFi partners include Compound, AAVE, Terra and Cake.
After signing up for Blocknom, bank account users can deposit Stablecoins, which the founders chose because it is most similar to conventional bank deposits and therefore accessible to new crypto users.
Raymond said that Blocknom differentiates itself from investment apps by encouraging people to keep and hold their Stablecoin for the long term.
This post YC-backed Blocknom aims to become the ‘Coinbase Earn of Southeast Asia’ – TechCrunch was original published at “https://techcrunch.com/2022/03/03/yc-backed-blocknom-wants-to-become-the-coinbase-earn-of-southeast-asia/”