Looking for Crypto Flash Loan Attack…A number of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business model of private platforms, the return rates, the reliability and performance history, functionality of their apps and we will likewise speak about a few of the risks that you must consider when depositing your crypto on one of these platforms. We will likewise round up the comparison with our independent rating of the just-mentioned categories for each platform. So keep watching up until the end to find out how we scored specific platforms. if you are new to this channel and your objective is to become a more informed P2P financier
consider subscribing and hit the like button to see more content like this in the future. So let’s very first provide you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of assets. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to regional regulations. BlockFi is the biggest
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competitor to Celsius Network. The US-based business has trading and financing licenses in various US states. If you are searching for a wealth-management app for your crypto assets BlockFi is definitely worth considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned nations. YouHodler is most likely the most genuine crypto lending platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto assets along with a number of other features which you won’t find on any other platforms. The platform is readily available in many countries with the exception of Germany and the USA. If you reside in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the alternative to make interest not only on their coins but also fiat deposits. Nexo is in reality, one of just 2, to us known, crypto lending platforms that use interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short introduction of every platform
And the platform is likewise planning to introduce a BlockFi credit card which will produce another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s service model as the platform doesn’t have A dedicated area about
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If you are seeing this video, you want to make money by transferring 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 higher rates if you choose to receive the interest in Celsius’s own energy 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 provides greater rewards for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you ought to keep in mind is that platforms tend to change the rates from time to time, so you can’t really forecast the genuine return from your deposits. Crypto Flash Loan Attack
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paid out more than $367 M worth of benefits. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not rewarding. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement space rather than the fintech space. BlockFi is likewise financed by lots of institutional investors and the platform is generally targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Just for U.S citizens as BlockFi has the required financing licenses just in the U.S. If you wish to inspect BlockFi’s stats you will not be happy as there are none available. Some external sources suggest that there are more than 125,000 registered users, nevertheless, we were not able to validate any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it appears like he has relocated to Switzerland to release his crypto financing platform YouHodler in 2017. I know that YouHodler has been applauded by a few of you in the discuss previous videos, unfortunately, the platform isn’t publicly revealing any financial reports, nor stats about their user base or possessions under YouHodler’s management. When using YouHodler, this is something you should certainly consider. Moving on to Nexo. Nexo declares to handle $12 B worth of possessions from more than 1.5 M of users. If this is correct, it would mean that Nexo is twice as huge in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have actually explained together with other red flags in our previous video. Also, at the beginning of January, Nexo had only $4B under its management from 1 M users, now five months later on, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a high development even if we think about the buzz in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading regulated financial institution for digital properties. I would be truly interested by whom Nexo is controlled, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance business that apparently is funding Nexo. According to our current research study, the executive board does not even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “misuse of customers cash”. When examining some of Nexo’s remarks from the CEO
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in the media, he is typically only promoting crypto and forecasting prices but lacks any much deeper insights into the crypto lending area or how Nexo is operating. But that’s simply our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not legal representatives, we struggle to understand the legal setup under which Nexo is providing its services. Now that we have actually reviewed some of the track records of the four mentioned platforms, let’s briefly go over the functionality of every crypto financing site. Celsius has actually begun as a native mobile app. The app is well established and it includes numerous security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how lots of possessions you are holding and what are the presently offered rates. You can withdraw and move supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them directly through the app. Note, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely basic therefore is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform also uses a devoted exchange so you can even trade them. We do not advise this function that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are just available to U.S. citizens, the platform is also dealing with a Bitcoin rewards charge card which will be competing with the credit card from Crypto.com YouHodler provides a few of the most advanced services among the crypto loaning platforms. Presently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler permits you to exchange between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are very low, so you don’t need to transfer numerous Dollars or euros to evaluate 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 make interest on your crypto possessions. 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 dollars or euros. YouHodler is also among the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those functions goes beyond this video, you can find out how it works in our dedicated youhodler review on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is likewise utilizing its energy tokens to offer much better rates on loans, higher interests on crypto and fiat deposits, or more free withdrawals monthly. If you choose to stake your coins or fiat, indicating you lock your possessions for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you wish to hold your possessions in different currencies. Now you have a truly strong concept of what every crypto loaning platform is offering. What you need to consider though, is that as soon as you deposit your crypto on any platform, you are not owning your personal secrets anymore and your properties may get jeopardized either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the fact that you Crypto Flash Loan Attack
quit your ownership of the properties as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The drawback of this method is that you will only take advantage of the increased worth of your coin however not the interest on your deposits, which is something you can do on among the crypto loaning platforms. But, just like any financial investment, it always boils down to the risk and return and your danger profile. Based on our in-depth contrast, let’s have an appearance at our independent scores of every classification for every platform. Keep in mind, that we have actually designated the rankings based on our own research study. One represents the lowest score while 5 represent the highest rating. Within the business design category.