Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets
Singapore, Jan 5, 2021 — Hodlnaut, Singapore’s leading cryptocurrency interest-earning platform, on this date, announced the completion of an independent verification exercise performed by Crowe Singapore, a global audit firm, to verify the ownership of Hodlnaut’s cryptographic assets amounting to US$106,071,264.87 as of 5 January 2021. This exercise concludes the first third-party verification to date of Hodlnaut’s cryptographic assets since the start of operations on 11 April 2019.
“With this independent verification exercise, we’re hoping to provide transparency of our assets under management to our users on a periodic basis,” said Juntao Zhu, CEO, and Co-founder of Hodlnaut. He further expressed the importance of being transparent as part of the legal requirements to get the Standard Payment Institution License under the Payment Services Act (PSA). “This is the first step towards engaging an external auditor at a later stage, which is mandatory as part of the requirements of the PSA under the Monetary Authority of Singapore.”
In recent months, Hodlnaut has elevated its offerings to users by adding two new asset classes, Ethereum (ETH) and Dai (DAI), and a VIP fixed-term interest program that offers higher interest rates. In addition, Hodlnaut has introduced additional measures to make cryptocurrency investing appealing to individual investors around the world by eliminating minimum deposit requirements for user and referral deposits. The company also expanding its cryptocurrency rewards by crediting a $20 signup bonus for newly referred users during the holiday season.
A member of Crowe Global – the eight largest accounting network in the world, Crowe Horwath First Trust (“Crowe Singapore”) is an award-winning firm that leverages its core strengths in audit, tax, and accounting to provide a full suite of professional services, serving the needs of public-listed entities, multinational corporations, and financial institutions.
Crowe Singapore has also developed niche services like Digital Advisory, Fund Administration, and Private Wealth Services, uniting its strengths across its different practices to provide integrated solutions that meet the evolving requirements of its clients. In the area of digital advisory, Crowe Singapore has built a strong expertise in helping token issuers, fintech, and blockchain companies enhance their enterprise value. It is also one of the two homegrown fund administration service providers to support Singapore’s development as a global asset management hub.
Hodlnaut is a platform that provides financial services for individual investors where they earn interest on their cryptocurrencies by lending it to margin traders. Founded in April 2019 by self-proclaimed bitcoin maximalists Juntao Zhu and Simon Lee, the company has a mission to help hodlers get the most out of their crypto assets. Hodlnaut offers competitive interest rates to individual investors with a Hodlnaut Interest Account by lending it to rigorously vetted margin traders in the form of crypto loans.
Hodlnaut is a blockchain company recognized by the Infocomm Media Development Authority (IMDA) of Singapore. The project is backed by some of Asia’s leading companies, such as Three Arrows Capital, Sparrow, Singapore Management University, and BitGo. In addition, Hodlnaut is part of Antler’s portfolio company, a global VC firm backing early-stage startups.