Blocknom, a crypto-earning platform in Y Combinator’s present batch, has aspirations to turn out to be 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 offers customers a safe means (it companions with crypto infrastructure firm Fireblocks) to get steady, 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 undertaking in 2020, across the begin of the pandemic. “We observed throughout COVID, the crypto market is booming in Indonesia, whereas we had been each already crypto buyers,” Raymond instructed TechCrunch.
“We talked to customers and located that not everybody can do properly in buying and selling.” They discovered that DeFi is a steady and high-yield method to acquire by means of 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 subsequently accessible to new crypto customers.
Raymond mentioned Blocknom differentiates from funding apps by encouraging folks to avoid wasting and maintain their Stablecoin for the long-term.