Blocknom
The easiest way to earn stable and high interest from decentralized finance markets.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $500k | Seed | |
| Total Funding | 000k | ||
Blocknom was an Indonesian-based crypto-earning platform established in January 2022. The company was founded by Fransiskus Raymond, who previously held roles at Gojek and Shopee, and Ghuniyu Fattah Rozaq, a former developer for Ritase. The co-founders reportedly met in 2020 while collaborating on an open-source project and identified an opportunity in Indonesia's booming crypto market.
The firm positioned itself as a vehicle for users to invest in crypto assets and earn interest, with rates advertised as high as 13% per year. Blocknom's business model focused on helping investors achieve returns by holding stablecoins for the long term, rather than through active trading. The platform specifically supported stablecoins like USDT, USDC, and XIDR, which were considered comparable to fiat currencies and easier for new crypto users to understand. A key feature was the absence of a lock-up period, allowing investors to withdraw their funds at any time without incurring hidden fees. The company operated on a web2 infrastructure, serving as a gateway for retail and institutional investors to access the web3 DeFi industry without needing to conduct extensive research or manage direct crypto wallet integrations.
In March 2022, Blocknom announced it had secured US$500,000 in a pre-seed funding round from notable investors including Y Combinator, Magic Fund, and Number Capital, a venture firm started by Payfazz CEO Hendra Kwik. This made it the first Southeast Asian crypto-earning platform to receive backing from Y Combinator. Following the investment, the company planned to focus on growth activities and raise a seed funding round later that year. However, Blocknom halted its services on July 1, 2022, citing market conditions and Indonesian government regulations as factors in its decision. The company's website became inactive, and services were no longer publicly accessible after July 31, 2022.
Keywords: crypto-earning platform, stablecoin investment, high-yield crypto, Indonesian fintech, Y Combinator-backed, DeFi access, crypto interest account, Fransiskus Raymond, Ghuniyu Fattah Rozaq, pre-seed funding, crypto asset management, digital asset platform, Southeast Asia crypto, Number Capital, Magic Fund, Fireblocks partnership, no lock-up period, USDT, USDC, XIDR