CEO of Finblox, Hong Kong-Based Cryptocurrency Lender Provides Fintech Adoption

Finblox, a 2021-founded cryptocurrency investment Platform, raised $4 million to establish itself to a a rising star in Southeast Asia.

According to co-founder and CEO Peter Hoang, the Finblox company gives customers simple access to their wealth via cryptocurrencies.

This article is a part of Insider’s “Master Your Crypto” series, which aims to help investors become more knowledgeable and skilled cryptocurrency users.

Finblox is at the right place and right time.

Despite being based in Hong Kong, the platform serves Southeast Asia. In which there are a significant number of underbanked or unbanked residents (more than 70%), much like in Latin America.

Southeast Asia is home to more than 600 crypto-related businesses. In the last 18 months, VCs have invested an estimated $2.5 billion in them. Southeast Asia had an average of 3.56% crypto users in 2021 compared to 10% in the US. And nearly 10% of Singapore’s 5.7 million residents are crypto owners.

People can use the Finblox app to deposit cryptocurrencies like bitcoin or ether and earn interest. Then, financial institutions receive loans made out of those coins. According to CEO Peter Hoang, his business gives more than 25,000 users in more than 40 countries. And made an easier way to manage their money.

Previously constrained by the financial products available locally, they now have access to a global asset class . And they can invest alongside the rest of the world.


“We are still here”

Hoang, 34, attended the Smith School of Business at Queen’s University in Kingston, Ontario, in 2008, graduated from Singapore Management University in 2011, and attended Harvard Business School in 2018.

He cofounded a social network in 2009 to link Vietnamese communities globally, and in 2011, he established Space Jump Studios, a developer of mobile games.

Hoang graduated from the well-known Silicon Valley incubator Y Combinator, which supported the 2019 co-founding of Gotrade, a zero-commission stock trading app. Since 2021, he has been an investor at the Singapore-based XA Network.

In 2017, he developed a fascination for the crypto industry. About 25 people work for his company globally, and Hoang said he aims to lead by engaging with them.

The founders would step in to contribute and occasionally challenge the logic of the thoughts in a positive way, according to Hoang. “They have a lot of freedom to innovate and present their own ideas and strategies.”

There are two important factors driving adoption in Southeast Asia are the availability of cryptocurrencies and the promise of potential rewards. Hoang is confident Finblox will survive this crypto winter despite the gloomy predictions.

However, we can learn from our past errors, Hoang told Insider. “No one can accurately predict when and where the next black-swan event could happen.” We have survived numerous crises brought on by egregious financial institution failures and overreach, yet we are still alive.

“People Shouldn’t View This Asset Class As A Way To Get Rich Quick”

Dmitriy Paunin and Hoang founded the cryptocurrency investment platform in the middle of 2021, and it raised almost $4 million in funding in its first four months of operation. They received VC funding from companies like Sequoia, Saison, and Dragonfly, as well as from the failed Three Arrows Capital, or 3AC.

More than 23 different coins, including dogecoin and bitcoin, are available for lending or investing on Finblox. The third-largest gaming-related asset, Axie Infinity, which is based in Vietnam and is owned by Sky Mavis. It offers a yield of up to 60% and is worth $4.6 billion. On the remaining coins, the company promises yields ranging from 4% to 12%.

Similar operations were carried out by the massive crypto lender Celsius before it failed during the bear market. Additionally, the platform offered astounding interest rates and made news for stopping withdrawals, trapping customer funds in the app. It is currently the subject of debate.

Due to its exposure to the cryptocurrency hedge fund Three Arrows Capital, which collapsed when a significant stablecoin went haywire, Finblox itself was forced to impose $1,500 withdrawal limits, but not freezes, in mid-June.

Some users’ claims that cryptocurrency can be a shortcut to wealth irritate him.

Hoang claimed that “this has been repeated on Crypto Twitter, Reddit, and some well-known crypto influencers.” The adage “the higher the risk, the higher the return” and “time in the market is more important than timing the market.” It’s still apply to the cryptocurrency asset class, so people shouldn’t mistake it for a get-rich-quick scheme.

Hoang, however, asserted that consumers’ common sense and companies’ transparency can increase consumer confidence in cryptocurrencies.

According to Hoang, “reports, disclosures, educational articles, and communication can go a long way.” However, the community “does not have the power to control the risk tolerance or decisions of individual users.” And that responsibility always rests with the user.”

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Are Bitcoin Transactions Anonymous and Trackable

While it is simple to follow Bitcoin transactions with blockchain explorers, it is getting more and more challenging to carry out transactions anonymously.

Undoubtedly, a Bitcoin (BTC) transaction can be tracked. You can visualise activity on the Bitcoin blockchain with Bitcoin explorers. Transactions can be tracked because of this transparency, and you can think of the blockchain as a sort of open database filled with Bitcoin transactions.

The blockchain explorers for Solana (SOL) and Ether (ETH), two other cryptocurrencies, are respectively called SolScan and Etherscan. You can find details on the blockchain transactions in all of these explorers, including how much cryptocurrency was sent and whose addresses were involved in the transaction.

Many people mistakenly believe that it is still possible to conduct Bitcoin transactions in secrecy despite the blockchain’s transparency.

However, Know Your Customer (KYC) regulations, which demand that you identify your identity on centralised trading platforms, are being implemented in an increasing number of nations. The authorities can much more easily find out what transactions you’ve made and what is in your Bitcoin wallet if you provide your name.

Personal data must be provided to the exchange in order to trade on a central exchange. As a result, personal information can be connected to bitcoin addresses. Previous Bitcoin transactions’ data is not erased, therefore it is always possible to view them.

Why can Bitcoin be Tracked?

Because every transaction is recorded publicly on a distributed ledger and the blockchain underlying Bitcoin is totally transparent, all transactions are traceable.

Studies have been tracking Bitcoin transactions and the individuals associated with them since 2013. While some degree of anonymity can be achieved with cryptocurrencies, it is challenging to send transactions entirely anonymously over the Bitcoin blockchain. Blockchains continue to be completely open and available to everyone.

It is simple to trace the flow of money thanks to the blockchain’s transparency. The transactions conducted can be tracked both in the past and the future if the person behind a wallet address is known. You can view the specifics of each of these transactions. This makes it possible to track not only the amount sent but also the date and wallet to which it was sent.

How do Transactions in Bitcoin Get Tracked?

Governments can more easily track fraudulent BTC transactions by identifying the person behind a Bitcoin wallet address as a result of increased legislation and surveillance.

A number of countries throughout the world have recently seized millions of dollars’ worth of cryptocurrency. Criminals attempted to purchase cryptocurrencies like Bitcoin as discreetly as they could after realising the benefits that blockchain technology offers.

In the end, many scammers found this to be unsuccessful, therefore it can be said that Bitcoin transactions are not entirely anonymous. These incidents have aided in tightening regulations in this area and stepping up investigations into questionable transactions.

Transactions can be tracked fast while trading from unidentified Bitcoin wallets, but determining the identity can take some time. It already gets much simpler to identify the owner of the wallet and track back the transactions when someone wants to convert their cryptocurrency into US dollars.

Bitcoin Wallet Address

Is it Possible to Look for a Bitcoin Wallet Address

A Bitcoin explorer can be used to look up a Bitcoin wallet address. Finding a crypto address, however, does not necessarily indicate you understand who is using it.

It’s challenging to search when there is no associated identifying information for the Bitcoin wallet.

Finding transactions and addresses on a blockchain explorer is simple, but figuring out who is behind a wallet address can be very time-consuming.

A Bitcoin wallet address is referred to as a pseudonym, an alias, which is distinct from someone’s real identity because it does not have to be anonymous but can be challenging to find. Although the information is not associated with a specific identity, it is nevertheless feasible to identify or locate a pseudonym.

What Difficulties Arise when Tracing a Bitcoin Address?

When people use different wallets and Bitcoin mixers, it can be challenging to keep track of transactions in Bitcoin. These issues require a lot of time and cause delays in the search process.

Although it is difficult for users of a Bitcoin wallet to perform transactions entirely anonymously, there are a number of techniques to come close. One option is to utilise a cryptocurrency mixer, for instance.

Since it is a Bitcoin mixer in this instance, it is more challenging to trace Bitcoin. This is accomplished by pooling BTC transactions from many users and transmitting the combined transactions to the targeted addresses.

Wallets can also be exceedingly challenging to keep an eye on. It is feasible to set up a sort of smoke screen if one does not want their Bitcoin network actions to be traceable. It might be more challenging for anyone to track transactions and wallets when multiple crypto wallets are created and numerous transactions are made between these wallets.

Even while both tasks are challenging on their own, doing both at once can make finding Bitcoin addresses very challenging. It will take a tremendous amount of time and effort to track transactions and wallets.

Can you Store Bitcoins in an Anonymous Wallet

There are anonymous Bitcoin wallets, but use caution when using them. The wallet’s intended use is defeated if you reveal your identity.

Having a Bitcoin wallet that is anonymous is definitely achievable. However, maintaining this anonymity requires more than just a wallet. A wallet where this information is known can be connected to an identity when a person performs many transactions. It seems to be getting harder and harder to execute transactions totally anonymously as a result of the tighter KYC requirements for exchanges.

However, there are Bitcoin wallets that let you function totally secretively. One such wallet that can also be combined with a hardware wallet is the Electrum wallet. It is helpful to first think about how Bitcoin will get on this wallet before deciding to utilise an anonymous wallet. The anonymity is already gone when BTC is sent from an exchange with KYC.

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