Looking for Crypto Lending Platform Lender Own Coin…Numerous of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the company model of private platforms, the return rates, the reliability and track record, functionality of their apps and we will also talk about some of the threats that you need to think about when depositing your crypto on one of these platforms.
consider subscribing and hit the like button to see more content like this in the future. Let’s first offer you a short intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or make interest on their stablecoins and cryptocurrencies. In total, Celsius handles more than $17 B worth of properties. The platform uses its services worldwide, nevertheless, they are presently not providing loans in the United States due to local regulations. BlockFi is the largest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved countries. Nexo is another European platform that provides crypto enthusiasts the alternative to make interest not just on their coins but likewise fiat deposits. Nexo is in reality, one of just two, to us understood, crypto lending platforms that use interest on fiat deposits.
And the platform is also preparing to release a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our analysis from Nexo’s service model as the platform does not have A dedicated area about
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If you are enjoying this video, you desire to make cash by depositing your coins on one of the platforms? Every platform has particular limits and terms when it comes to using interest on your coins. You are just able to earn greater rates if you decide to get the interest in Celsius’s own utility token.
9% annually. What’s worth discussing is that if you wish to save some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not need to pay the significant gas fee, as the currency runs on the Binance Smart Chain with method lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. 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 offers greater rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly forecast the real return from your deposits. Keep in mind that by depositing your crypto, the value of the currency may reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. Now, that you are aware of the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The creator Alex Mashinsky is a widely known entrepreneur. Before launching the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the progress and review some of the data. As we are recording this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Crypto Lending Platform Lender Own Coin
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deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform declares to manage $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 politician with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital properties. I would be really interested by whom Nexo is regulated, as the company does not have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance business that obviously is financing Nexo. According to our recent research, the executive board does not even consist of Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of customers cash”. Also when evaluating some of Nexo’s remarks from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have examined some of the track records of the four discussed platforms, let’s briefly go over the use of every crypto lending website. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto lending platforms.
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly solid idea of what every crypto financing platform is providing. What you should think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets anymore and your properties may get compromised either by 3rd parties or by the platform itself. Crypto Lending Platform Lender Own Coin
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only way 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 disadvantage of this method is that you will just gain from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. But, just like any investment, it constantly boils down to the threat and return and your threat profile. So based upon our extensive contrast, let’s take a look at our independent ratings of every classification for every single platform. Keep in mind, that we have appointed the rankings based upon our own research. One represents the lowest score while 5 mean the greatest ranking. Within business design category.