Hodlnaut Announces the Re-enablement of Token Swap for Singapore Users
Hodlnaut re-enables the token swap feature for Singapore users
Singapore, August 24, 2021 – Hodlnaut unveiled today the re-enablement of their token swap feature for Singapore users. The token swap feature enables users to swap between token pairs without ever leaving the Hodlnaut platform. The supported assets are BTC, ETH, USDC, DAI, USDT, and WBTC.
Earlier this year, on 18th June 2021, Hodlnaut announced the suspension of the token swap feature for all Singapore users. This decision was made in line with the Monetary Authority of Singapore’s requirement for Hodlnaut to obtain its approval for any new features on its platform. As token swap was a new feature and subject to the regulatory requirements, it was duly suspended for Singapore users.
Hodlnaut has worked tirelessly with the Monetary Authority of Singapore (MAS) to comply with regulatory requirements. We have found stronger ground and have been able to re-enable the token swap in Singapore as of August 24, 2021. We understand that the token swap feature was greatly missed by our users, and we have pushed through to re-enable it for our Singapore users.
“We are thrilled to announce that our token swap feature is now available for Singapore users,” said Juntao Zhu, Founder, and CEO of Hodlnaut. “We are continuously striving to provide the highest quality of products and services to our users while complying with the regulatory laws,” he added.
The token swap feature facilitates hassle-free swapping of tokens within the Hodlnaut platform without any additional fees. It also helps users save the time spent on transacting between wallets. Thus, users can swap between token pairs within their Hodlnaut dashboard sans the double fees associated with conducting trade in two steps.
With the token swap functionality, users can also wrap and unwrap bitcoin within the Hodlnaut platform without the involvement of a merchant.
Hodlnaut is a Singapore-based cryptocurrency borrowing and lending platform that allows users to earn interest on their cryptocurrencies by lending them to vetted institutions. Founded in April 2019 by bitcoin maximalists Juntao Zhu and Simon Lee, Hodlnaut has grown remarkably over the years. The platform offers up to 12.73% APY on six supported assets: BTC, WBTC, ETH, DAI, USDC, and USDT.
Hodlnaut is undergoing license application under the Payment Services Act 2019 (by the MAS) and aims to become the first regulated entity in Singapore within the cryptocurrency lending and borrowing space. The company is a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS (Monetary Authority of Singapore).
For more information, please visit www.hodlnaut.com.