Looking for Consensys Youhodler…Much of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business design of private platforms, the return rates, the trustworthiness and performance history, use of their apps and we will likewise discuss a few of the threats that you should consider when depositing your crypto on one of these platforms. We will also assemble the contrast with our independent rating of the just-mentioned classifications for each platform. So keep watching till the end to learn how we scored private platforms. if you are new to this channel and your goal is to become a more informed P2P investor
Let’s very first give you a brief introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional guidelines.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. Nexo is another European platform that offers crypto lovers the alternative to make interest not just on their coins however also fiat deposits. Nexo is in reality, one of only two, to us known, crypto financing platforms that use interest on fiat deposits.
let’s talk about how they generate income in the first place. Celsius makes cash from the interest they charge to the debtors which are either retail debtors or institutions, they likewise make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which suggests that Celsius uses the collateral from the debtors and releases it in order to create additional earnings. BlockFi is also generating income through the interest that is being credited customers. In addition to that, the platform likewise charges a 2% origination fee for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange function. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal costs after your one free withdrawal monthly. And the platform is likewise preparing to release a BlockFi charge card which will create another income stream. YouHodler is also earning money from the interest credited borrowers. In addition to that, there is a small withdrawal cost and costs for extra services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto properties in exchange for potential returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s company design as the platform doesn’t have A dedicated area about
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If you are enjoying this video, you want to make cash by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are just able to make greater rates if you decide to get the interest in Celsius’s own utility token.
You can earn 12% interest on your USDC holdings and the platform offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. What you need to keep in mind is that platforms tend to change the rates from time to time, so you can’t actually forecast the genuine return from your deposits. Consensys Youhodler
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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will discover out that the platform is not successful. BlockFi is likewise funded by lots of institutional financiers and the platform is primarily targeting the United States market. According to our research, it appears like he has actually relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. Likewise, at the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform declares to handle $12B from 1.5 M users, which we believe is a little bit of a steep development even if we think about the hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital assets. I would be really interested by whom Nexo is controlled, as the company does not have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our recent research, the executive board doesn’t even include Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of clients money”. Also when examining a few of Nexo’s comments from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have actually reviewed some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto financing website. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto financing platforms.
currencies on which you have the ability to earn interest. YouHodler allows you to exchange between various currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are really low, so you do not require to transfer hundreds of Dollars or euros to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only earn interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also uses you the option to borrow fiat money in exchange for collateral. The platform presently supports just loans in us euros or dollars. YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those functions surpasses this video, you can find out how it works in our dedicated youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also using its energy tokens to use much better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals monthly. If you choose to stake your coins or fiat, meaning you lock your assets for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you want to hold your assets in numerous currencies. Now you have an actually solid idea of what every crypto loaning platform is offering. What you ought to think about however, is that as soon as you deposit your crypto on any platform, you are not owning your private keys any longer and your assets might get compromised either by third parties or by the platform itself. It’s like transferring your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the truth that you Consensys Youhodler
The only way to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The downside of this strategy is that you will only benefit from the increased value of your coin but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our in-depth contrast, let’s have an appearance at our independent ratings of every category for every platform.