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Australia’s ‘Block Earner’ Raises $6.5 Million to Bring DeFi to the Masses
As part of its plan to bring DeFi to the masses, Sydney-based blockchain-powered fintech company Block Earner has made some key hires as it readies itself for launch later this month.
Among the key appointments are:
- Apurva Chiranewala, a former eBay and Sendle executive, as general manager, tasked with overseeing global operations, growth, and strategic partnerships;
- former Tyro Payments and Capify Australia marketing head Colin Williamson, as head of digital and growth;
- Tawanda Mangere as head of risk and compliance; and
- Baris Yilmaz as head of finance.
According to Chiranewala, “I have seen very few financial services companies that have the potential to positively impact human life quite like Block Earner.” He added that the company is a rare start-up with “capability, vision, and backing to shake up the financial industry in Australia, which is ripe for disruption.”
Making High Yields More Accessible
Block Earner, a Synthetix-backed platform best illustrated as a bridge between traditional finance and decentralised finance, has the goal of making high yields of DeFi more accessible to everyday Australians. The company wants to solve issues of adoption by channeling high-yield investments in DeFi into an easy-flowing, accessible process for anyone, regardless of how clued up they are in the crypto space.
In December 2021, Block Earner managed to raise US$6.4 million in a seed round of funding and claims its yields will generate 7 percent fixed annual yield or variable returns from 2-18 percent.
The funding round was led by American VC firm Framework Nentures, along with Coinbase, DeFi Alliance, Longhash Ventures, Synthetix founder Kain Warwick, Avalanche’s Emin Gün Sire and AAVE founder Stani Kulechov. Block Earner will generate returns using the stablecoin USDC and DeFi lending and borrowing protocols Aave and Compound.
No Lock-Ups to Contend With
Holders of a Block Earner Yield Account can choose between the aforementioned return rates, which are USD-based yield on funds deposited. Through the entire life of the holder’s account, users will have constant access to both their capital and yield, meaning they can withdraw at any time with no lock-up period to contend with.
Aussies Successfully Raise Capital
While Block Earner’s seed funding round generated US$6.5 million, others have raised even more impressive amounts of late. Australia’s Immutable X successfully raised US$200 million, pushing the company’s valuation up to US$2.5 billion. Also, Aussie NFT project ‘SolChicks’ managed to raise A$77 million is just six months.
Author
Jana Serfontein
Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.
