By Shiela Bertillo
Former executives of Philippine-based fintech firm Coins.ph joined a funding round, raising more than $1 million, to support Hongkong-based cryptocurrency investment startup Finblox.
Finblox, the name of which is derived from “finance” and “blockchain”, plans to concentrate the funds raised to build a global footprint which initially focuses on Southeast Asia
“Our vision is to help the next one billion people build their wealth with crypto,” Peter Hoang, Finblox chief executive, said in a statement.
Ron Hose, founder of Philippines-based Coins.ph, is among the investors that participated in the funding round for Finblox. On the other hand, one of the founders of Finblox, Dmitriy Paunin, used to be chief technology officer of Coins.ph.
Hoang added that Finblox enables investors from over 180 countries to invest into cryptocurrency, and empowers them to hold the assets long-term with the savings product.
“What we’re able to offer is stability with more consistent rates and no lock-in periods associated with other DeFi platforms,” he added.
He also noted that Finblox’s “core focus is to build an accessible and modern product that will help our users accumulate wealth over the long term and build the financial blocks for their future.”
Moreover, Finblox’s funding round also received funding from other investors including Sequoia Capital India, MSA Capital, Venturra Discovery, Coinfund, Saison Capital, Ratio Ventures and First Check Ventures.
Finblox claims to be “a high-yield savings app powered by the digital assets” which means that their users will be able to earn yield on their idle crypto holdings such as Bitcoin and USDC stablecoin.
This article is published on BItPinas: Former Coins.ph Executives Back Crypto Startup Finblox