US and Singapore companies collaborating: Okcoin partners with Hodlnaut

“We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto,” said Khairi Azmi.

Singapore-based crypto lending platform Hodlnaut will partner with United States crypto exchange Okcoin in an effort to drive adoption and crypto transactions among users.

In a Wednesday announcement, Hodlnaut said the partnership would allow its users and those on Okcoin to purchase cryptocurrencies and earn rewards on their holdings. The lending platform said Singapore-based users already use Okcoin as a fiat on-ramp solution to go from the Singapore dollar to Bitcoin (BTC) and Ether (ETH).

“We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto,” said Okcoin’s Singapore general manager, Khairi Azmi. “We believe that this partnership will contribute positively to the crypto ecosystem for consumers.”

According to the announcement, Hodlnaut users will have the opportunity to earn $10 in Bitcoin — roughly 0.00022 BTC at the time of publication, based on a price of $44,524 — for signing up for the platform and fulfilling certain Know Your Customer and trading requirements. Okcoin users signing up for Hodlnaut will also be able to earn a bonus in fiat.

Related: Okcoin secures regulatory approval in Malta and the Netherlands

Founded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has expanded to serve users in more than 190 countries. Though its headquarters are in the United States, Okcoin moved into Singapore in 2020 and allows customers to trade Singapore dollar pairings for BTC and ETH.

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OKCoin latest exchange to suspend XRP trading and deposits

The crypto exchange said the situation between Ripple and the SEC “will take time to reach a resolution.”

Crypto exchange OKCoin announced it would suspend XRP trading and deposits following the news that the United States Securities and Exchange Commission would be pursuing legal action against Ripple.

In a blog post released today, OKCoin said its “best course of action” in response to the recent SEC lawsuit would be to suspend trading and deposits of XRP. The exchange wrote that the suspension would take place over two days. Users who borrowed XRP/USD through OKCoin “are required to return the borrowed value” before Jan. 3. The following day, the exchange will suspend spot trading, margin trading and deposits for XRP.

“It is likely that this situation will take time to reach a resolution,” said the OKCoin blog post. “We will proactively inform our customers when we have information that may change our position.”

OKCoin’s position comes following the SEC unveiling charges against Ripple as well as CEO Brad Garlinghouse and co-founder Chris Larsen on Dec. 22. The commission alleges that the firm and its executives engaged in an “unregistered, ongoing digital asset securities offering” to investors since 2013 through sales of the XRP token. Garlinghouse responded by saying the SEC “voted to attack crypto” and was doing “the opposite of ‘fostering innovation'” in the United States.

Since news of the SEC charges broke, the price of XRP has fallen more than 36% as some exchanges have announced they will halt trading for the token, including OSL, Beaxy and CrossTower. Digital asset exchange Bitstamp is also planning to suspend XRP trading, but only for users based in the United States. However, suspending XRP on OKCoin — ranked at number 29, according to CoinMarketCap — may be a precursor for large exchanges to follow.

At the time of publication, the price of XRP was $0.28, having fallen 3.5% in the last 24 hours.

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