A Singapore-based cryptocurrency lender and borrower, Hodlnaut has announced the suspension of deposits, withdrawals, and swaps.
The company, which announced this on Monday also said that it will withdraw the application for a license earlier issued to the Monetary Association of Singapore (MAS).
The application issued to MAS had returned a principal approval issued in March to enable the firm to provide digital token payment services.
Hodlnaut had ascribed its decision “to recent market conditions”.
It said that its action would enable it” to focus on stabilizing our liquidity and preserving assets”.
Hodlnaut joins a seemingly Increasing list of companies affected by the downturn of events in the market which started early this year.
Some companies which took similar decisions in the past months include Vauld, Celsius, Zipmex, 3AC, and Voyager Digital.
