Crypto startup Nook raises $2.5 million from Coinbase Ventures, defy.vc, and UDHC

NOOK seeks to facilitate the original users without Crypto increasing the amount of their possessions through services such as AAVE, allowing users to lend to Crypto to borrowers in exchange for attention.

Joy Ishaqoun, CEO and co -founder of NOOK, said, said. luck His team estimates that the user should take 14 different steps to reach the medium lending platform. This, he says, creates an obstacle to the entry of encryption investors who do not understand Blockchain technology complications or have no time to learn them.

Isaacon said that Nok hopes to strip some of the complications of other platforms by allowing customers to register with an email instead of having to connect an encryption wallet.

He said: “What we are trying to do is to make the experience much easier, and make correspondence more clear … and adhere to a clear preparation where we are within the organizational limits and we are following the rules.”

While ISAACSON says the company is planning to provide more lending programs in the future, NOOK was launched to the public on Wednesday with one partner, MoonWell, a lending platform founded in 2021 by other graduates.

Before launching it publicly, NOOK was slowly on board the waiting list for more than 50,000 people. These users received 8 % annual return by lending to Bitcoin or some other encryption of the MoonWell borrowers via Nok. “We cannot guarantee that, but these are the results that users have seen,” said Isaxon.

Since the cryptocurrency currencies are very volatile, it is risky to participate in lending and borrowing from encryption. However, MoonWell and other companies like them are trying to reduce the risks involved in demanding borrowers to “excessive loans”, which means that they have been put in encryption more than they come out of the program for investment. In the case where the guaranteed encryption value falls to a pre -defined threshold, the borrower is automatically filtered, which means that they are forced to re -loan and sell the guaranteed encryption program.

Another Coinbase graduate and former CEO of the lending protocol compound, Jayson Hobby, follows a similar project called Legend. Hobby platform for users allows wide access to multiple decentralized financing applications-regions that facilitate a third-party financial job such as the bank-instead of forcing users to log in to a number of different accounts.

Currently, NOOK is free for customers to use. However, ISAACSON said he would consider different revenue options after the company attracts a large user base. “Once we can make this connection and continue to build our society, we see some revenue options on the road,” ISAACSON said.

The company will use the money collected on this tour to control its technology, market its products and distribute it.