Singapore-based crypto lender Hodlnaut has recently engaged in widespread layoffs amid a recent investigation by the Singapore police.
The company has let go of around 40 employees – about 80% of their staff – in addition to slashing interest rates to 0% annual percentage rate, in a bid to “further stabilise their liquidity” as revealed in a statement published on their website.
“We have applied to be placed under judicial management in light of the Hodlnaut’s financial health,” they added, considering how they will be able to avoid liquidation of Hodlnaut’s holdings of Bitcoin (BTC) and Ethereum (ETH) coupled with the opportunity to execute a recovery plan and rehabilitate the company.
Earlier in Aug, Hodlnaut froze its users’ assets as it now seeks protection from creditors.
Hodlnaut is one of the several crypto firms such as Three Arrows Capital and Celcius Network to falter under the most recent crypto market crash.
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Meanwhile, Gemini has recently launched “Gemini Staking” for all users in Hong Kong, Singapore and the US (with the exception of New York).
This was effective on Aug 19, where users are now able to stake MATIC, Polygon’s native cryptocurrency, on the Polygon network with support for ETH, Solana, Polkadot, and Audius coming soon.
Staking is the second yield-generating product launched by Gemini after Gemini Earn. For the latter, Gemini partners with accredited third-party borrowers who deliver yield to Gemini users through payment of interest on loaned assets.
See also: Ex-Grab executive joins Winklevoss twins crypto firm Gemini as head of APAC
Image: Gemini
Separately, EOS, the native coin from EOSIO’s network, is up 18% in the past seven days amid slumps of up to 22% from other coins. EOSIO is a type of blockchain positioning itself as a decentralised operating system.
This is in light of how the EOS Network Foundation, a non-profit organisation overseeing development of the EOS blockchain, opened registrations for the Yield+ incentive program (Yield+).
Yield+ is a liquidity incentive and reward program to attract decentralised finance applications that generate returns for their users. Since the beginning of Yield+ registration, the total value locked inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, displaying a temporary spike in demand for the tokens.
As at 11.52am, EOS is trading US$1.54 ($2.15) apiece, which is 93% lower than its all time of high of US$22.71 from Apr 29, 2018.
