Singapore-based cryptocurrency lender Hodlnaut has paused withdrawals, token swaps and deposits citing “recent market conditions,” becoming the latest in a string of crypto casualties since May.
The company also said it would withdraw its application with the Monetary Authority of Singapore (MAS) to provide digital token payment services, according to its Monday announcement. The central bank, which in March had granted in-principle approval for the license, has now rescinded that order, a MAS spokesman said Tuesday.
Founded in 2019 by Juntao Zhu and Simon Lee, Hodlnaut allows users to earn interest of as much as 7.25 percent on their cryptocurrency holdings by lending them to authorized institutions. As of Tuesday, the company said it had more than 10,000 users and $250 million in assets.
Though investors will continue to accrue interest on their accounts, they cannot retrieve assets until further notice. Hodlnaut said that it must first stabilize its liquidity and work out a...
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