Digital Asset Income Application Finblox Completes $3.9M Funding in Seed Round
Annie Li Mar 16, 2022 10:00
Hong Kong-based digital asset income application Finblox announced the completion of a $3.9 million seed round.
On March 15, Hong Kong-based digital asset income application Finblox announced the completion of a $3.9 million seed round.
The funds raised will be used to expand the staff of its engineering and product teams. and will spend most of it on accelerating its regulatory compliance process, marketing and user education programs.
It is reported that the core product of Finblox is an application that allows users to earn passive income by using Bitcoin, Ethereum, Solana, Avalanche and Axie Infinity tokens, etc., with a yield of up to 90%, and no lock-up and deposit restrictions.
For USD Coin, a stablecoin pegged to the U.S. dollar, users can earn a 15% annual return. The platform earns revenue by lending its assets to financial institutions or trusted decentralized finance protocols, thereby generating token revenue for its clients.
Investors include Three Arrows Capital, MSA Capital, Coinfund, Venturra Discovery, Kyros Ventures, First Check Ventures, Ratio Ventures, Coins.ph founder Ron Hose, Xfers founder Liu Tianwei, etc.
Amid the prospect of recent rising interest rates, high inflation, and geopolitical uncertainty caused by the war between Russia and Ukraine, the digital asset investment platform Finblox, founded in 2021 by Peter Hoang and Dmitriy Paunin, has caught investors' attention by offering cryptocurrency tokens with annual yields of up to 90%.
As reported by Blockchain, News on February 17, Annual inflation rates have been going through the roof in Argentina by surging more than 50%. Argentinians, therefore, have resorted to transacting in cryptocurrencies to tame runaway prices.
Image source: Shutterstock