Blocknom, a crypto-earning platform in Y Combinator’s present batch, has aspirations to turn 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 means (it companions with crypto infrastructure firm Fireblocks) to get secure, high-yield curiosity of as much as 13% every 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 mission in 2020, across the begin of the pandemic. “We observed throughout COVID, the crypto market is booming in Indonesia, whereas we have been each already crypto traders,” Raymond advised 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 option to acquire by crypto, however there have been no competing merchandise in Indonesia, in order 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 stated Blocknom differentiates from funding apps by encouraging folks to avoid wasting and maintain their Stablecoin for the long-term.