Singapore crypto lending service partners with US exchange Okcoin
02:45, 15 September 2021
Singapore-digital finance firm Hodlnaut, which offers crypto lending and interest-earning services in the city state, is partnering with US digital asset exchange, Okcoin.
According to a press release from the Singapore firm, this tie-up will enable users from both firms to purchase cryptocurrencies and use service to earn returns on their assets.
Hodlnaut said that ETH/SGD and BTC/SGD pairs would be the initial focus of the tie-up.
The Singapore firm, founded in April 2019, offers lending services to enable crypto asset holders to earn returns on their usually non-yielding assets. It offers products with interest rates of up to 12.73% on six supported crypto assets: bitcoin, wrapped bitcoin, ethereum, Dai, USD coin, and US dollar tether.
Hodlnaut aims for Singapore licence
“We are excited to be teaming up with Okcoin as part of our commitment to offer users the best possible experience and to drive strategic collaborations within the crypto space. I believe this partnership will benefit users as they would now be able to trade and earn greater yield on their crypto assets,” said Juntao Zhu, CEO of Hodlnaut.
The Monetary Authority of Singapore recently hit out at Biance for offering payments services in the country without a licence forcing the market leading digital exchange to alter its services in the city state.
Binance is proceeding with a payments licence for its Singapore arm and Hodlnaut has also made an application and said it is aiming to become the first regulated entity in Singapore within the crypto lending and borrowing sector.
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Okcoin active globally
Okcoin is a US fiat-to-crypto exchange that has licences with offices in San Francisco, Malta, Singapore and Japan. The platform enables investors to buy and trade 29 crypto assets.
Read more: Singapore orders Binance to stop providing payment services
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