Finblox

Finblox, founded in 2020 by fintech veterans Peter Hoang and Dmitriy Paunin, operated as a Hong Kong-based cryptocurrency platform targeting the Southeast Asian market. The company aimed to function as a gamified "super-app" for digital assets, allowing users to buy, trade, and earn yield on their crypto holdings. The founders brought relevant experience to the venture; CEO Peter Hoang was a Y-Combinator alumnus and co-founder of the commission-free stock trading app Gotrade, while CTO Dmitriy Paunin previously served as the CTO for Coins.ph, a large crypto exchange in Southeast Asia.

The platform's core service was FinEarn, which enabled users to generate passive income on a variety of cryptocurrencies, with rewards compounded and paid out daily. The business model involved lending user deposits to financial institutions and decentralized finance protocols to generate returns. Finblox promoted itself as a user-friendly entry point for crypto beginners, offering competitive annual percentage yields (APYs) on assets like stablecoins, Bitcoin, and Ethereum, without minimum balance requirements or lock-in periods. The platform's ecosystem was designed to expand with additional features, including a crypto swap service (FinSwap), a rewards pool (Pool Party), a launchpad for new tokens (FinLaunch), and an NFT marketplace.

Finblox secured significant early-stage funding, raising approximately $4 million in its initial months from prominent venture capital firms including Sequoia Capital, Dragonfly Capital, CoinFund, and MSA Capital. However, the company's trajectory was severely impacted by the broader crypto market downturn in 2022. As a centralized finance (CeFi) lender, Finblox had exposure to the crypto hedge fund Three Arrows Capital (3AC), which collapsed in June 2022. This event led Finblox to pause withdrawals and restructure. To manage the situation, the company converted a portion of user funds into its native utility token, FBX, a move that drew significant criticism from its user base. Despite attempts to stabilize through the launch of the FBX token and token burn events, the platform struggled to recover. In July 2025, citing changing market dynamics, Finblox announced it was shutting down its services, three years after its launch.

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