Odaily News Australian financial technology company Block Earner plans to launch a loan product that uses cryptocurrencies as collateral. Block Earner expects to launch the first such product at the end of September, initially supporting only bitcoin-backed loans. (Cointelegraph) According to previous news, in November 2022, the Australian Securities and Investments Commission (ASIC) decided to sue the financial technology company Block Earner, citing concerns that it provided unlicensed encryption products. Block Earner offers multiple tiers of products that provide income on cryptocurrency holdings. ASIC said the products were unregistered managed investment schemes and must be licensed to operate. ASIC filed civil penalty documents in the Federal Court, seeking a declaration, an injunction and a monetary penalty. The court has not yet scheduled a date for the first hearing. It is reported that Block Earner received US$4.5 million in seed round financing in 2021. Investors include Aave CEO Stani Kulechov and Coinbase Ventures. The platform lends customer assets through the Aave and Compound protocols.