Block Earner is an Australia-based FinTech company powered by blockchain technology. We provide access to DeFi (Decentralised Finance) products that were once available only to tech-savvy investors. We are bringing the future of finance to the people.
Block Earner offers a high yield account that enables you to earn higher returns compared to traditional financial alternatives. You can choose between a fixed 7% or 2-18% variable annual percentage yield with Block Earner.
How does Block Earner work?
Block Earner works in 3 easy steps:
Step 1.
Register with Block Earner and complete identity verification.
Step 2.
Deposit Australian dollars to your Block Earner Cash Account.
Step 3.
Select from the available yield options and transfer funds from your Block Earner Cash Account to your chosen yield account to start earning yields.
Block Earner will begin generating a daily compounding yield within 24 hours of making a deposit. Simply, manage your holdings, track performance, and withdraw your deposit and yield at any time.
How does Block Earner generate 7% Fixed yield?
The Block Earner 7% fixed yield option provides a fixed return that compounds daily with no lock-in periods. Your Australian dollar deposits into the Fixed Yield option are automatically converted to USD coins (USDC) and lent to Block Earner in return for a stable annualised yield rate of 7%.
What makes Block Earner unique?
We take care of the heavy lifting by providing a user-friendly portal for earning higher yields. This is facilitated with industry leading-security, to make decentralised finance a more inclusive space for all.
How does Block Earner generate Variable yield?
Block Earner facilitates access to the leading yield platforms - Aave and Compound, which connect borrowers and lenders in decentralised finance. Your deposits are lent to borrowers, who pay an annualised yield on the funds borrowed.
Aave and Compound are routinely audited, open source, decentralised and non-custodial peer-to-smart contract lending systems. Borrowers in this system are required to provide digital assets much greater than the borrowed amount as collateral.
Get started
How do I start earning with Block Earner?
To create your Block Earner account click here. Please note, the initial Block Earner launch is exclusive to Australian residents.
First you must undergo our ID verification process. Please provide the required information for your identity to be confirmed. This should only take a few minutes.
Make a deposit via a familiar transfer option from your bank account. Once your deposit has been confirmed, your funds should appear in your Block Earner Cash Account.
With the available funds in your Block Earner Cash Account, you can now select and make a deposit into Aave or Compound for variable rates 2-18%, or the Block Earner 7% fixed rate option.
The Block Earner support team is here to help. Please feel free to get in touch with your questions via our live chat during work hours, 9am to 5pm, Monday to Friday. Or, send us an email and our team will get back to you as soon as possible.
What are the benefits of a Block Earner Yield Account?
Block Earner makes the future of finance accessible to all, providing industry leading security for customers to access the leading yield platforms in decentralised finance.
Simply, deposit AUD and select which yield platforms you wish to enter. Choose between a 7% fixed rate or 2-18% variable annual yield.
At Block Earner you can deposit or withdraw your money at any time to your designated Bank Account.
Understanding our product
How is fixed yield generated?
Deposits into the Block Earner 7% fixed option, automatically convert your Australian dollars into the USD-backed stablecoin (USDC) via our exchange services and these stablecoins are then lent to us. Block Earner delivers risk-adjusted, high returns by working exclusively with partners whose investment strategies are proven, sustainable and measured.
Block Earner is able to generate returns by pooling customer funds and lending it to our trusted partners, who are all vetted in accordance with our risk policy, thereby receiving a favourable yield rate.
How are variable yields generated?
The Block Earner variable yield options facilitate the direct purchase of yield bearing USD Coins (USDC). These USD coins are held in Aave and Compound, two of the leading decentralised finance (DeFi) blockchain protocols. Aave and Compound are routinely audited and regulated, open source, decentralised and non-custodial peer-to-smart contract lending systems.
In exchange for deposits into Aave and Compound, you will earn between 2-18% variable annual yield. Yields are generated by connecting borrowers and lenders using these protocols. Your deposits into these platforms are lent to borrowers, who pay an annualised yield on the funds borrowed.
Variable yields are determined by market supply and demand, and variable rates can change frequently due to a wide variety of factors.
Can Yield rates change?
Variable Yield
Variable yield rates change daily.
Fixed Yield
The rate of fixed yield paid to users in return for such users lending Eligible Cryptocurrency to Block Earner will be calculated by Block Earner and published on the Block Earner Platform. Block Earner reserves the right to change the rate of interest paid on a monthly basis, with the new interest rate effective on the first calendar day of each month.
Block Earner will provide seven (7) calendar days’ written notice of any such change, to be published on the Block Earner Platform [and sent to the email address you used to sign up for your Block Earner account]. By continuing to participate in Lend on the first [calendar day] of each month, you agree to the new rate of interest as published by Block Earner.
Does my yield compound?
Yes! Your yields compound daily in both variable and fixed options.
What are USDC Stablecoins?
Block Earner currently operates exclusively with the USD-backed stablecoin called USDC. USDC is a regulated and routinely audited digital stablecoin that is pegged 1:1 with the United States dollar. as As of the 1st of March 2022, there are over $52 billion USD Coins, or USDC in circulation*.
In the future, Block Earner may introduce other assets. These assets will be carefully selected and risk assessed. Updates will be provided to customers about this.
There is a minimum deposit amount of $1 to and from your Block Earner Cash Account.
Is there a lock-in period for my funds?
No. You can withdraw your funds from Block Earner at any time via a direct withdrawal to your designated bank account. Withdrawals are processed daily and are generally received within 1-2 business days. On weekends, the next business day.
Please ensure that your Bank account name matches your registered Block Earner Account. If registered account names do not match, online bank transfers can be blocked.
How do I withdraw my money from Block Earner?
You can withdraw your funds at any time via a direct withdrawal to your designated bank account. However, withdrawals can only be made to bank accounts registered under the same name as your registered Block Earner account name. Withdrawals are processed daily and are generally received within 1-2 business days. On weekends, the next business day.
Does Block Earner have fees?
Block Earner has no hidden fees and passes yield earnings directly to our customers.
We have two types of fees:
AUD Withdrawal fee
Our customers can withdraw $100 AUD and above anytime for free. We charge a flat $1.00 fee for AUD withdrawals if the amount is under $100.
Spread
We have a spread on AUD to USDC and USDC to AUD exchange rates. Exchange rates fluctuate due to the AUD/USD foreign exchange market. We lock competitive exchange rates for our customers on AUD/USDC conversions and provide an estimated exchange rate for USDC/AUD conversions. These rates include the spread.
How does Block Earner impact Tax?
The Australian Taxation Office (ATO) classifies cryptocurrency as an asset. This means that withdrawals from your Block Earner yield earnings are subject to capital gains tax. There are several online services to help with record keeping and tax reporting. These include: Cryptotaxcalculator.io, Cointracker.io or Koinly.io.
Tax tip: If you hold funds in the Block Earner Yield Account for over 12 months, you may receive a tax discount. We still advise you to seek your own taxation advice.
How does Block Earner make money?
Block Earner charges a fee from the AUD to USDC digital currency exchange rate conversions, and receives incentives generated from the platforms that are used.
What risks are Block Earner deposits exposed to?
There are significant risks associated with crypto assets, and you are solely responsible for making sure you understand such risks and assess whether such risks are appropriate for you. Some of the key risk categories associated with Block Earner include:
Volatility: Trading and holding Cryptocurrency has a high level of risk. The value of crypto-assets can be highly unpredictable, with significant price fluctuations within short periods of time which may lead to significant losses. Block Earner currently takes advantage of a unique category of cryptocurrencies called "Stablecoins" (USDC). Though generally less volatile, Stablecoin categories of cryptocurrency carry risk and may lose some or total market value. You should only trade Cryptocurrency if you fully understand and agree to the risks. Crypto-asset prices can be highly unpredictable. Significant fluctuations in price over short periods of time can lead to significant losses. A class of cryptocurrencies called stablecoins specifically USDC which is less volatile and risky is used by Block Earner. Only trade if you fully understand and agree to the risks. Learn more about USDC here.
Counterparty: When you purchase Cryptocurrency via Block Earner, you only hold the beneficial interest. Block Earner, or a 3rd party, will hold and secure the Cryptocurrency. If Block Earner, or the 3rd party becomes insolvent, or is subject to hacking or some other cyber security event, your Cryptocurrency may be at risk and you may incur partial or total loss of your cryptocurrency.
Insolvency risk: You do not maintain a legal interest in the Allocation or Cryptocurrency, and we do not hold Fiat currency in a trust account. Accordingly, if Block Earner becomes insolvent, you will be an unsecured creditor in relation to your Allocation, Cryptocurrency, or Fiat currency held with us.
Complex tax advice risk:
Buying, selling Cryptocurrencies for profit, and receiving a Return raises novel taxation issues. You will need to be prepared to talk to a tax adviser if you use our services. We suggest you seek independent taxation advice prior to purchasing Cryptocurrency or earning a Return.
Market Risk:
Unlike currencies issued by governments and recognized as legal tender, Crypto Assets are backed and supported by technology. There are no central banks or other authorities that can take corrective measures in order to protect the Virtual Asset’s value in a crisis. Use of services relating to Virtual Asset trading can lead to large and immediate financial losses. It follows that you should not hold value you cannot afford to lose in Crypto Assets.
Price Stability:
Account balances held on the Block Earner Platform through Block Earner or directly or through Third-Party Services are held in USDC. While USDC is a “stablecoin” designed to remain pegged in value to the U.S. Dollar, and backed by U.S. Dollar reserves, Block Earner does not control the issuance, redemption or backing of USDC and cannot guarantee that 1 USDC will always remain redeemable for 1 U.S. Dollar.
Regulatory Risk:
Stablecoins regulatory status remains unclear in Australia. Therefore government authorities may change existing laws, regulations or rules that affect stablecoins. Blockearner will always aim to communicate changes in services as soon as possible.
DeFi Smart Contract Risk:
Smart contracts control yield farming and DeFi. All DeFi platforms are built on code. All code in any form has risks in the forms of bugs and hacks. One bug in smart contracts can cause the price of a token to drop to zero. A malicious hacker can exploit that bug or security issue to manipulate the project for any possibility, including losing all your cryptocurrency assets in the pools affected. Block Earner conducts in-depth due diligence reviews of any such third party or platform, including security, financial and credibility tests.
FX Risk:
Account balances held on the Block Earner Platform through Block Earner or directly or through Third Party Services are held in USDC, which is pegged to the USD$ at 1:1. When you deposit and /or withdraw your funds, the currency denomination is AUD$. The value of the Australian Dollar may fluctuate against the value of the US Dollar and this will impact your total balances in the Block Earner Yield Account.
Security
Who has custody of my deposits?
Fixed Yield
Deposits into the Block Earner 7% fixed option, automatically convert your Australian dollars into the USD-backed stablecoin (USDC) via our exchange services and these stablecoins are then lent to us. Block Earner delivers risk-adjusted, high returns by working exclusively with partners whose investment strategies are proven, sustainable and measured.
Block Earner is able to generate returns by pooling customer funds and lending it to our trusted partners, who are all vetted in accordance with our risk policy, thereby receiving a favourable yield rate.
Variable Yield
The Block Earner variable yield options facilitate the direct purchase of yield bearing USD Coins. Block Earner holds these yield bearing aUSDC and cUSDC coins with Fireblocks, the number one institutional digital asset custodian. Fireblocks is ISO and SOC2 certified and is trusted with billions by the industry’s largest players.
In Aave your aUSDC is allocated in a smart contract. The code for the smart contract is secure, open source, formally verified and audited by third-party auditors. You can withdraw your funds from the contract on-demand. For further information, visit the Aave website: Aave
Likewise, Compound is not a custodian and your cUSDC is allocated in a smart contract. Compound is a protocol on the Ethereum blockchain that establishes money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand for the asset. For further information, visit the Compound website: Compound.
Block Earner is powered by the leading blockchain yield platforms Aave and Compound, these platforms are routinely audited and all audits are publicly available. Block Earner also operates exclusively with the USD-backed "stablecoin" called USDC, USDC is a regulated and routinely audited digital stablecoin that is pegged at a 1:1 ratio with the United States Dollar.
Block Earner is registered with AUSTRAC as a Digital Currency Exchange and Independent Remittance provider and has partnered with Fireblocks, digital asset security trusted by the industry’s largest institutions to safeguard billions of dollars.
Is Block Earner regulated?
Block Earner is registered at AUSTRAC as a Digital Currency Exchange (DCE100784590) and Independent Remittance (IND100784590) provider.
Block Earner is not a financial institution and funds held in digital wallets are not protected by the Government’s deposit guarantee.
Referral program
How do I refer Block Earner to a friend?
Start sharing with your unique referral link. This makes it easy to invite friends to Block Earner. You can share your link to a friend directly - copy and paste the link wherever you chat with your friends – social media apps, email – whatever works best for you.
At this stage Block Earner is only available to Australian residents.
How much can I earn with Block Earner referrals?
You will earn a $20 bonus for each successful referral. To activate your referral bonus you must make a $200 deposit to your Yield account.
Successful referrals must sign up using the link you shared with them, get verified and make an initial deposit of $200 to their Yield account. Referrals are uncapped! Meaning, you will receive an additional $20 for each successful referral, so continue to share with friends to increase your referral bonus. Referral bonuses will be automatically credited to your Block Earner account.
How do I see how many referrals have joined with my link?
You can track your successful referrals via your account settings. Simply click on the Referrals tab to see your lifetime referral earnings, and how many friends have joined using your link.
Support
How to contact Block Earner team?
The Block Earner support team is here to help. Please feel free to get in touch with your questions via our live chat during work hours, 9am to 5pm, Monday to Friday. Or, send us an email and our team will get back to you as soon as possible.