Tag Archives: Blocknom

Crypto Asset Platform Blocknom Temporarily Terminate its Services due to License Issue

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Crypto-asset earning platform Blocknom announced to temporarily halt its services from July 1, 2022. Blocknom did not specify the reason, however, it is said to consider the market situation and government regulations. On the other hand, the company is yet to have an operational permit or authority license, in this case from CoFTRA.

In its blog post, Blocknom’s management said to discontinue support for Decentralized Finance (DeFi), for which daily interest on USDT, USDC, and XIDR will also stop accruing.

“At this time, we advise you to withdraw your assets from the platform as soon as possible. You need not worry because your assets are safe. Please withdraw all your assets before July 31, 2022,” stated on the post.

According to management, the platform has stopped accepting new users and deposits since June 20, 2022. In order to simplify the asset withdrawal process, it appeals to users to immediately withdraw assets before July 31, 2022. After that, it is most likely that withdrawals will only be made via offline CS.

“We will come back stronger with more services as soon as we get our license. Please wish us luck.” Blocknom team stated.

Recently, crypto asset management services have risen in Indonesia. This is in line with the increasing number of people diversifying into this virtual currency. According to CoFTRA, as of February 2022, there are an estimated 12.4 crypto investors.

Aside from Blocknom, with a unique mechanism, several startups also offer crypto-earn services, including NOBI and Finblox. Both have received equity funding support from venture capitalists.

Recently secured funding

For a general note, Blocknom was initiated in January 2022 by former Gojek & Shopee employee Fransiskus Raymond and former engineer Ritasi Ghuniyu Fattah Rozaq. Blocknom is known to be one of the incubation startups in the Y Combinator batch Winter 2022.

Blocknom has recently secured seed funding of $500,000 or over IDR 7 billion from three investors, including Y Combinator, Number Capital, and Magic Fund last March.

In increasing the added value to its platform, Blocknom offers deposit yields on stablecoin-based crypto assets, namely USDT (Tether), USDC (Circle), and XIDR (StraitsX).

In addition, Blocknom applies transparency to the fund management process and has proof of a community system in the DeFi selection process for managing investor funds, and unlimited incentive programs for its community.

Since the last few months, Indonesia’s digital ecosystem has been hit by a bubble burst phenomenon due to global situations and conflicts. Crypto asset prices are also reported to continue to fall, including Bitcoin and Ethereum.

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Original article is in Indonesian, translated by Kristin Siagian

Blocknom Tutup Layanan

Terkendala Perizinan, Platform Aset Kripto Blocknom Hentikan Layanan Sementara

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Platform earning aset kripto Blocknom mengumumkan akan menghentikan layanannya sementara mulai 1 Juli 2022. Blocknom tidak merinci alasan penghentian ini, tetapi pihaknya menyebut telah mempertimbangkan situasi pasar dan peraturan pemerintah. Di sisi lain, mereka memang belum memiliki izin operasional atau lisensi otoritas, dalam hal ini dari Bappebti.

Disampaikan dalam blognya, manajemen Blocknom mengatakan akan menghentikan dukungan untuk Decentralized Finance (DeFi), yang mana bunga harian pada USDT, USDC, dan XIDR juga akan berhenti bertambah.

“Saat ini, kami menyarankan Anda untuk menarik aset Anda dari platform sesegera mungkin. Anda tidak perlu khawatir karena aset Anda aman. Harap tarik semua aset Anda sebelum 31 Juli 2022,” demikian pernyataannya.

Menurut manajemen, pihaknya telah menutup penerimaan pengguna dan setoran baru sejak 20 Juni 2022. Untuk mempermudah proses penarikan aset, pihaknya mengimbau kepada para pengguna untuk segera menarik aset sebelum 31 Juli 2022. Setelah itu, kemungkinan besar penarikan hanya melalui CS offline.

“We will come back stronger with more services when we get our license. Please wish us luck.” Tutup tim Blocknom.

Layanan manajemen aset kripto akhir-akhir ini memang mulai bermunculan di Indonesia. Hal ini seiring dengan makin banyaknya orang yang melakukan diversifikasi ke mata uang virtual ini. Menurut Bappebti, per Februari 2022 ada sekitar 12,4 investor kripto.

Selain Blocknom, dengan mekanisme yang unik, beberapa startup juga tawarkan layanan crypto-earn, di antaranya NOBI dan Finblox. Keduanya sama-sama telah mendapatkan dukungan pendanaan ekuitas dari pemodal ventura.

Baru peroleh pendanaan

Sebagai informasi, Blocknom baru dirintis pada Januari 2022 oleh eks pegawai Gojek & Shopee Fransiskus Raymond dan eks engineer Ritasi Ghuniyu Fattah Rozaq. Blocknom diketahui merupakan salah satu startup inkubasi di Y Combinator batch Winter 2022.

Blocknom juga baru memperoleh pendanaan tahap awal (seed) sebesar $500 ribu atau lebih dari Rp7 miliar dari tiga investor, yaitu Y Combinator, Number Capital, dan Magic Fund pada Maret lalu.

Untuk memberi nilai tambah pada platformnya, Blocknom menawarkan yield deposito pada aset kripto berbasis stablecoin, yaitu USDT (Tether), USDC (Circle), dan XIDR (StraitsX).

Selain itu, Blocknom menerapkan transparansi pada proses pengelolaan dana dan memiliki sistem proof of community pada proses pemilihan DeFi untuk pengelolaan dana investor, dan program unlimited incentives bagi komunitasnya.

Sejak beberapa bulan terakhir, ekosistem digital Indonesia tengah dilanda fenomena bubble burst akibat situasi dan konflik global. Harga aset kripto juga dilaporkan terus anjlok, tak terkecuali Bitcoin dan Ethereum.

Blocknom Crypto Asset “Earning” Platform Snags 7 Billion Seed Funding

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Crypto asset earning platform Blocknom announced a seed funding of $500 thousand (over 7 billion Rupiah) from three investors, including YCombinator, Number Capital, and Magic Fund. The last two names is fronted by Hendra Kwik (Fazz) and he is appointed as an advisor at Blocknom along with Tianwei Liu (Fazz) and Thomas Chen (Magic Fund).

Blocknom is currently participating in the Y Combinator’s Winter 2022 batch along with several startups. The startup was initiated in January 2022 by Gojek and Shopee’s former employee, Fransiskus Raymond and Ritase’s former engineer, Ghuniyu Fattah Rozaq.

In terms of value proposition, Blocknom offers yields deposit on available stablecoin-based crypto assets, includng USDT (Tether), USDC (Circle), and XIDR (StraitsX). The product does not have a lockup period, therefore, investors can withdraw their funds at any time. Blocknom offers earnings of up to 13% per year and is claimed to be safe from the price volatility.

“We started Blocknom to provide easy crypto investing for everyone. Based on our research, 90% of people gain negative results from trading crypto. However, they find it better to make long term crypto investments. We have not been able to find a suitable product in the market. Therefore, we decided to build Blocknom for the good of everyone,” Blocknom’s Co-founder and CEO, Fransiskus Raymond said in an official statement, Friday (4/3).

Blocknom

Based on the company’s blog, Blocknom is the first gateway for investors to enter the DeFi (Decentralized Finance) era. This platform operates on the web2 internet base and serves as a bridge for investors to the web3 DeFi industry. Blocknom implements transparency in the fund management process and has a proof of community system, with a commitment to always involve the community in the DeFi selection process to manage investor funds and has an unlimited incentives program for the community.

In the earning process, investors make earning deposits on the Blocknom website or application and they will start getting  daily rewards.

Behind the scenes, investors’ funds will be automatically input into various staking and earning platforms that have been pre-selected by the Blocknom community such as, A.A.V.E, BALANCER, CELCIUS NETWORKS, CURVE, and so on. The Blocknom algorithm will automatically carry out the process of selecting and distributing funds to the DeFi platform with the largest yield.

The competitive interest will be given as the lending institution relies on blockchain technology, with collateral lending as the core business. The collateral will be in the form of digital assets such as Bitcoin, Ethereum, etc. This allows borrowers to pay a premium interest, as they believe the value of the asset will be much higher than the interest they are paying.

Blocknom trusts Fireblock as a custodial company to store all Blocknom deposit funds. For additional security, they implement the highest level of wallet security (bank standards) and full encryption (2 factor verification). In terms of regulatory, Blocknom operates throughout Southeast Asia using the license partner method from StraitsX, licensed by MAS. Also, they currently submitting for a permit to operate in Indonesia to CoFTRA as the relevant authority.

Fransiskus said, after earning stablecoins, the company will continue to innovate to realize the mission of crypto investment for everyone journey through Blocknom.

“In the future, there will be more features designed to help people feel the benefits of crypto, not only as an investment, but also part of their daily life,” he said.

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Original article is in Indonesian, translated by Kristin Siagian

Platform earning aset kripto Blocknom mengumumkan penutupan pendanaan tahap awal sebesar $500 ribu dari YCombinator, Number Capital, dan Magic Fund

Platform “Earning” Aset Kripto Blocknom Umumkan Perolehan Dana Awal 7 Miliar Rupiah

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Platform earning aset kripto Blocknom mengumumkan penutupan pendanaan tahap awal sebesar $500 ribu (lebih dari 7 miliar Rupiah) dari tiga investor, yakni YCombinator, Number Capital, dan Magic Fund. Kedua investor terakhir ini, digawangi oleh Hendra Kwik (Fazz), sekaligus menjadikannya sebagai advisor di Blocknom bersama Tianwei Liu (Fazz) dan Thomas Chen (Magic Fund).

Blocknom saat ini berada di bawah inkubasi Y Combinator batch Winter 2022 bersama sejumlah startup lainnya. Startup tersebut dirintis pada Januari 2022 oleh mantan pegawai Gojek dan Shopee Fransiskus Raymond dan matan engineer Ritase Ghuniyu Fattah Rozaq.

Sebagai diferensiasi dengan platform earning lainnya, Blocknom menawarkan yield deposito terhadap aset kripto berbasis stablecoin yang tersedia, yakni USDT (Tether), USDC (Circle), dan XIDR (StraitsX). Produknya tidak memiliki lockup period, dengan demikian investor dapat melakukan withdraw dananya kapan saja saat dibutuhkan. Blocknom menawarkan earning hingga 13% per tahun dan diklaim aman dari volatilitas harga koin.

“Kami memulai Blocknom untuk membuat investasi kripto mudah bagi semua orang. Berdasarkan hasil riset, kami menemukan bahwa 90% orang tidak mendapatkan hasil yang baik dari trading kripto. Namun mereka merasa lebih baik untuk melakukan investasi kripto jangka panjang. Kami belum dapat menemukan produk yang sesuai di pasaran. Maka, kami memutuskan untuk membangun Blocknom demi kebaikan semua orang,” ucap Co-founder dan CEO Blocknom Fransiskus Raymond dalam keterangan resmi, Jumat (4/3).

Blocknom

Menurut blog perusahaan, Blocknom adalah gerbang pertama investor memasuki era DeFi (Decentralized Finance). Platform ini beroperasi dalam basis internet web2 dan menjadi jembatan kepada investor menuju industri DeFi web3. Blocknom menerapkan transparansi dalam proses pengelolaan dana dan memiliki sistem proof of community, dengan komitmen selalu melibatkan komunitas terhadap proses pemilihan DeFi untuk pengelolaan dana investor dan memiliki program unlimited incentives bagi komunitasnya.

Dalam proses earning, investor melakukan earning deposito di situs atau aplikasi Blocknom dan investor akan mulai mendapatkan rewards yang dibagikan setiap hari.

Di belakang layar, dana investor akan otomatis dimasukkan ke dalam berbagai platform staking dan earning yang telah dipilih sebelumnya komunitas Blocknom seperti, A.A.V.E, BALANCER, CELCIUS NETWORKS, CURVE, dan sebagainya. Algoritma Blocknom akan otomatis melakukan proses pemilihan dan pendistribusian dana dengan ke dalam platform DeFi tersebut yang memiliki yield terbesar.

Bunga yang kompetitif tersebut bisa diberikan karena backbone institusi pinjamannya adalah teknologi blockchain, yang memiliki bisnis utama pinjaman dengan kolateral. Kolateral tersebut berupa aset digital seperti Bitcoin, Ethereum, dll. Hal ini memungkinkan peminjam membayar bunga premium, sebab mereka percaya nilai asetnya akan jauh lebih tinggi dibanding bunga yang mereka bayar.

Blocknom memercayakan Fireblock sebagai perusahaan kustodian untuk menyimpan seluruh dana deposito Blocknom. Untuk keamanan lainnya, menerapkan keamanan wallet level tertinggi setingkat standar bank dan enkripsi penuh (2 factor verification). Dari segi regulasi, Blocknom beroperasi di seluruh Asia Tenggara dengan menggunakan metode partner lisensi dari StraitsX yang telah memiliki izin dari MAS. Juga, sedang mengajukan permohonan izin beroperasi di Indonesia kepada Bappebti selaku otoritas terkaitnya.

Fransiskus menuturkan, setelah earning stablecoins, perusahaan akan terus berinovasi demi mewujudkan misi semua orang dapat memulai perjalanan investasi kripto melalui Blocknom.

“Ke depannya, akan ada sejumlah fitur lain yang bertujuan membantu masyarakat merasakan manfaat dari kripto, bukan hanya sebagai investasi, tapi juga bagian dari kehidupan sehari-hari,” tutupnya.