- Aussie digital asset financial services firm, Block Earner, announced it has secured an additional AU$8 million in Series A funding.
- It follows Block Earner’s launch of Australia’s first Bitcoin-backed home loan product last month, which the company claims has already attracted AU$400 million in mortgage demand.
- Block Earner said the new funding will be used to continue its domestic growth, fuel its expansion into global markets, and expand its product range.
Sydney-based digital asset financial services firm, Block Earner, announced August 18 that it has secured AU$8 million in Series A funding, led by crypto-focussed venture capital firm CMCC Global’s Titan Fund. The capital raise also included Australia’s largest digital asset venture capital fund and early Immutable investor, King River Capital.
Block Earner said the funding will be used to support its continued growth in the Australian market and kick off its expansion into global markets.
“This funding allows us to accelerate the rollout of innovative, user-friendly products across Australia and the region,” explained Block Earner’s CEO and co-founder, Charlie Karaboga.
By expanding access to regulated, blockchain-powered solutions, we’re showing how crypto can move beyond speculation and become a productive, mainstream financial asset.
Charlie Karaboga, Block Earner CEOLast month the company announced the launch of Australia’s first Bitcoin-backed home loan product, which they say has already attracted over AUD$400 million in mortgage demand.
Block Earner’s Bitcoin-backed home loan is designed to allow borrowers to use their Bitcoin holdings as security for their loan. The company said it allows borrowers to get on the property ladder while also maintaining full market exposure to their Bitcoin holdings.
The company said that part of the new funding will also be used to “extend the ways in which customers can use their digital assets to participate in mainstream financial markets without having to liquidate their holdings.”
Block Earner received AU$7 million in a 2022 seed funding round, bringing their total venture capital funding to AU$15 million.
Related: Block Earner to Pioneer Bitcoin-Backed Home Deposits in Australia
Block Earner Scores Major Win In ASIC Case
In April Block Earner secured a major legal victory in its long-running battle with the Australian Securities and Investments Commission (ASIC).
Back in 2022, ASIC had alleged Block Earner’s ‘Earner’ product had been offered illegally, claiming the company lacked an Australian Financial Services License (AFSL), which it was required to have to legally offer such a product. Initially, the court agreed with ASIC, finding in 2024 that Block Earner had indeed offered its ‘Earner’ product illegally, but the court opted not to impose a penalty.
Following this decision, ASIC appealed to the Federal Court in an attempt to have a penalty imposed against Block Earner.
ASIC’s appeal ended up backfiring badly. In April of this year, the Federal Court overturned its original decision, finding that Block Earner did not, in fact, need an AFSL to offer its ‘Earner’ product. Following this decision, ASIC was ordered to cover Block Earner’s legal costs from both the original trial and the appeal.
Related: ASIC Warns Against Bitget for Offering Unlicensed Crypto Futures in Australia
ASIC’s legal fortunes went even further south in June of this year when the regulator was rebuked by the Federal Court for publishing a misleading press release about its case against Block Earner. The judge characterised the dodgy press release, which was published in February of this year, as “unfair and misleading” and ordered ASIC to cover part of Block Earner’s legal costs.
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