Meet Indonesia's Blocknom! This YC-backed DeFi startup helps people earn $$$ through crypto with less risk. Oh, and it just raised a $500,000 pre-seed.

Who cashed in? Y Combinator, Hendra Kwik (Payfazz/Fazz Financial CEO)'s Magic Fund and Number Capital.

• Hendra Kwik, Tianwei Liu (Xfers CEO) and Thomas Chen (Magic Fund GP) serve as advisors.

🏆  Success stories > horror stories

You've read stories of people who earn tons through trading crypto. At the same time, you know that crypto can be unstable and don't know how to trade well...

Not everyone can get up to speed with when to HODL, know when anything is going "to the moon" and all the trading know-how. You might just lose your $$$.

• While crypto boomed in Indonesia, Blocknom found that people were having difficulty being successful crypto traders.
  

So, Blocknom now allows people to earn up to 13% interest per year through crypto. And they make it safe, simple, stable and super high-yield.

• Bye, trading! Why trade when you could hold on for the long-term and get that sweet 13% annual interest?

🤑  How it works

Like a savings account, but crypto. After signing up, deposit your crypto into your Blocknom wallet. Then, leave it to Blocknom and watch your wealth grow! Each day, you earn a little more in interest, and you can withdraw anytime for zero fees.

• It accepts USDT, USDC, XIDR, and XSGD, which are stablecoins.
• Don't own crypto? You can buy crypto on their platform by converting your cash (in this case, Indonesian Rupiah) to XIDR or XSDG.

What is this magic? It's DeFi! After you deposit your crypto, Blocknom deploys your assets to trusted institutional borrowers in the DeFi industry so that you can earn.

➡️  Next up

The new $$$ is to focus on growth! Oh, and if you're an investor reading this, we hear they're looking to raise a seed this year.