Crypto Platform Hodlnaut Wins In-Principle Approval From MAS for Token Swaps

Homegrown cryptocurrency borrowing and lending platform Hodlnaut has received an in-principal approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

Launched by Juntao Zhu and Simon Lee in 2019, the platform offers crypto borrowing and lending services and a token swap feature. Currently, MAS is only regulating Hodlnaut’s DPT Token Swap feature.

Hodlnaut called the in-principal approval for its token swap feature a “significant milestone” and that it adds regulatory clarity for the platform’s provision of services.

As of April 2021, the platform held S$234 million in assets under management. It reached 5,000 users in May 2021. According to its roadmap, the platform is working on portfolio management, as well as auto swaps/scheduled swaps

“With this, we are confident about the growth of Hodlnaut”, Zhu said in the announcement.