Cryptocurrency platform Block Earner has raised $8 million in a Series A amid its ongoing battle with the corporate regulator ASIC.
The round was led by Hong Kong crypto investor CMCC Global’s Titan Fund, and supported by Sydney VC King River Capital at a $75 million valuation. The fintech previously raiseed a $7 million Seed round in 2022, led by Framework Ventures and Coinbase Ventures.
Block Earner launched in 2021, but drew the ire of ASIC over its former fixed-yield digital asset-related product, Earner.
Two years ago, ASIC took legal action against Web3 Ventures, the company behind Block Earner, arguing that it needed a financial services licence for Earner, which the fintech shut down in 2022.
ASIC had a win in February 2024, but the Federal Court waived any penalty. ASIC appealed and Block Earner cross-appealed. The Full Federal Court overturned the original decision in April this year. The regulator is now taking the matter to the High Court having also lost a similar case involving the Finder crypto wallet, Earn.
Meanwhile, Block Earner has moved into crypto-backed credit products, including Bitcoin-backed home loans at a 9.5% interest, a rate more than 50% above traditional mortgage lenders.
It plans to use the new capital for local growth and product expansion as well as early-stage moves into international markets.
CEO and cofounder Charlie Karaboga said they now build products to help investors use their crypto in the same way they would use their other assets.
“By enabling crypto to be used as loan collateral without needing to sell it, we can unlock billions in value that would otherwise sit idle in the Australian economy,” he said.
“This funding allows us to accelerate the rollout of innovative, user-friendly products across Australia and the region. By expanding access to regulated, blockchain-powered solutions, we’re showing how crypto can move beyond speculation and become a productive, mainstream financial asset.”
CMCC Global Titan Fund cofounder Shiau Sin Yen said Block Earner’s API-enabled model streamlines crypto-backed lending for individuals, and also opens the door to B2B partnerships and rapid global scalability.
“We believe this infrastructure will help power the next wave of regulated digital asset adoption, and we’re excited to support the team on that journey,” he said.
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