The startup Nook, created by former engineers of the cryptocurrency exchange Coinbase, has announced the raising of $2.5 million in investments from leading venture funds, including Coinbase Ventures, Defy.vc, and UDHC. The company’s valuation during this round has not been disclosed.
This is reported by Finway
Key Features of the Nook App
Nook is positioned as an innovative app for crypto savings that simplifies access to decentralized financial services (DeFi), including platforms like Aave. This allows users to lend their cryptocurrencies to other market participants and earn interest. According to the developers, the platform aims to make DeFi services intuitive and accessible to the general public.
“We found that the typical user has to go through 14 steps to use a standard DeFi platform. We want to make this experience much simpler, the messaging clearer, and operate strictly within the regulatory framework,” said Nook co-founder and CEO Joey Isaacson in an interview with Fortune.
Registration on Nook is done via email, making the login process as simple as possible and not requiring a connection to a crypto wallet. The first partner of the startup is the Moonwell platform, which was also founded by a former Coinbase employee.
Initial Results and Future Development Plans
Before its public launch, Nook had already attracted over 50,000 users from its waiting list, who were earning up to 8% annual returns by lending their crypto assets through Moonwell.
According to the CEO, the company does not guarantee similar returns in the future, but currently, this is the rate demonstrated by the platform’s users.
Nook is currently offered for free; however, in the future, the team plans to implement monetization when the platform increases its audience and builds an active community. The invested funds are planned to be directed towards further technology development, marketing campaigns, and expanding market presence.
As of the last week of June 2025, another 15 crypto projects raised a total of $172.8 million in investments.