Blocknom, a cryptocurrency-earning platform in the current Y Combinator class, aspires to be the next “Coinbase Earn for Southeast Asia.” Magic Fund, Y-Combinator, and Number Capital announced today that the firm has secured $500,000 in pre-seed capital.
Blocknom’s co-founders, Ghuniyu Fattah Rozaq and Fransiskus Raymond, claim that the software provides users with a safe means to earn reliable, high-yield interest of up to 13% per year (in partnership with crypto infrastructure business Fireblocks). It also allows customers to withdraw their funds without incurring any fees at any moment.
In 2020, around the time of the pandemic’s inception, the two creators met while collaborating on an open-source project. While speaking to tech crunch, Raymond said that they noticed the crypto market was and is still flourishing in Indonesia during COVID, and they have both already invested in crypto.
The duo spoke with users and discovered that trading is not for everyone. They learned that DeFi is a reliable and high-yielding way to profit from cryptocurrency, but there were no competitors in Indonesia, so they came up with the idea of creating one. Cake, Terra, Compound, and AAVE are among its DeFi partners.
Users with a bank account may deposit Stablecoins after joining Blocknom, which the creators picked since it is the most similar to traditional bank deposits and hence accessible to novice crypto users. Blocknom, according to Raymond, distinguishes itself from other investing programs by pushing individuals to preserve and retain their Stablecoin for the long term.