In a media release, Finblox, a crypto savings platform for emerging markets, announced that it has closed its seed round to a limit of US$3.9M seed. This initiative aims to simplify its crypto wealth building in more than 100 markets.
“Our core vision is to democratize wealth building for all, and providing easy access to decentralized finance is the first step. In addition to market-leading rates and daily payouts, what sets us apart is the focus on simplifying the crypto on-ramp experience in a safe and secure manner, and providing educational content that empowers Finblox users to hold assets long-term instead of trading them.” – Peter Hoang, CEO of Finblox
The round has the participation of entities from both fintech and crypto-focused funds such as crypto-focused venture capital firm Dragonfly Capital, venture capital firm MSA Capital, cryptocurrency hedge fund Three Arrows Capital and others.
According to the firm, the capital from the seed round will be used to accelerate the platform’s growth which includes hiring key members across engineering and product teams.
Moreover, a significant portion of the funding will be used to improve its regulatory compliance processes, marketing, and user education initiatives.
“Running a fast but secure platform is the main objective for us, and we will always put the needs and safety of our customers on the top of our priorities. I’m incredibly proud of how quickly we have brought a top-class team of engineers and professionals onboard to develop systems that utilize the power of the blockchain technology and the most-trusted institutional partners. ” – Dmitriy Paunin, CTO of Finblox
Following the mass adoption of cryptocurrency worldwide, which reached over 880% in 2021 alone, Finblox sees “huge growth opportunity for cryptocurrency applications like Finblox in emerging economies“ such as Southeast Asian countries.
Chris Sirise, Partner at Saison Capital, a corporate venture capital arm of Credit Saison, also noted how wealth management solutions that are tailored to what is intuitive to consumer behaviors are necessary to emerging regions like Southeast Asia.
“Finblox is this solution. Peter and Dmitriy are founders with a track record in both the traditional fintech and crypto sector and have proven that they know what can drive market success,” he added.
FinBlox was founded by startup veterans Peter Hoang and Dmitriy Paunin. Peter previously Co-founded Gotrade, a zero-commission stock trading app backed by Y Combinator. Dmitriy Paunin was the Chief Technology Officer at Coins.ph, Southeast Asia’s largest cryptocurrency exchange based in the Philippines which amassed over 16 million users.
The assets of Finblox are secured and insured by Fireblocks Inc. (“Fireblocks”), a SOC 2 Type II certified digital assets custodian with bank-grade security.
Moreover, its system is protected by crypto insurance platform Coincover. The Fiblox team assures that it has knowledgeable Information Security expertise in the fintech sector and has built a platform resilient to most of the problems that customers can face while working with digital assets.
Last year, Finblox also received support from the former executives of Philippine-based fintech firm Coins.ph as it joined a funding round which raised more than $1 million. (Read more: Former Coins.ph Executives Back Crypto Startup Finblox)
This article is published on BitPinas: Finblox Closes Strategic $3.9M Seed Round to Democratize Wealth Building Through Crypto
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