Indonesia-based blockhain startup, Blocknom, has raised US$500,000 of funding in pre-seed round from Y Combinator, Magic Fund, and Number Capital.
It is reported that Blocknom enables users to get a stable and high-yield interest of their investments up to 13% per annum.
Users will also be able to withdraw their investments anytime without any fees incurred.
The fresh funds raised will be used to further grow its user base and prepare to raise seed funding.
Background of Blocknom
- The cryptocurrency startup was founded by Fransiskus Raymond and Ghuniyu Fattah Rozaq on January 2022.
- Fransiskus previously worked at Gojek and Shopee, while Ghuniyu was a former developer at Ritase.
- Blocknom's team consist of 13 employees, with 9 of them working in the engineering division.
- Since the beginning of Blocknom's operation, the startup has recorded “double-digit” growth every week in assets under management and active users.
Blocknom's Unfair Advantages
- Deposit yields on a variety of stablecoins such as USDT, USDC and XIDR are being offered by Blocknom.
- Blocknom is able to offer competitive interest rates because the backbone of the lending institution is blockchain technology, which utilises lending with collateral.
- The collateral is in the form of digital assets such as Bitcoin or Ethereum, and this allows borrowers to pay a premium interest, due to them believing the value of the asset will be much greater than the interest they are paying.
- Blocknom partners with crypto infrastructure company, Fireblock to store all Blocknom deposit funds.
- For additional security, Blocknom's wallet is implemented with the highest level of bank standards and full encryption including two-factor authentication.
