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 crypt bonus.
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.