Looking for Crypto Lending Wiki…Numerous of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the company design of individual platforms, the return rates, the trustworthiness and track record, use of their apps and we will also talk about some of the threats that you need to consider when transferring your crypto on one of these platforms.
think about subscribing and hit the like button to see more content like this in the future. Let’s first provide you a brief 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 assets. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local regulations. BlockFi is the largest
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rival to Celsius Network. The US-based business has trading and financing licenses in different US states. , if you are looking for a wealth-management app for your crypto assets BlockFi is definitely worth considering.. The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved nations. YouHodler is most likely the most genuine crypto loaning platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler offers really competitive rates on your crypto assets along with numerous other features which you won’t find on any other platforms. The platform is offered in many countries with the exception of Germany and the USA. So if you reside in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that offers crypto lovers the alternative to make interest not just on their coins but also fiat deposits. Nexo is in fact, among just 2, to us known, crypto loaning platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a short summary of every platform
let’s discuss how they generate income in the first place. So Celsius generates income from the interest they charge to the debtors which are either retail borrowers or institutions, they likewise earn money from their CEL token which is an energy token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the security from the customers and releases it in order to produce additional earnings. BlockFi is also earning money 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. When exchanging currencies, the platform makes money from the spread. BlockFi likewise charges withdrawal charges after your one totally free withdrawal per month. And the platform is also planning to launch a BlockFi credit card which will generate another income stream. YouHodler is also generating income from the interest charged to customers. There is a little withdrawal fee and costs for additional services such as the Multi HODL tool, which is a feature that lets you take advantage of your crypto properties in exchange for prospective returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. Nexo likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s organization model as the platform doesn’t have A devoted section about
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If you are watching this video, you desire to make cash by depositing your coins on one of the platforms? Every platform has specific limitations and terms when it comes to offering interest on your coins. You are only able to earn higher rates if you decide to get the interest in Celsius’s own utility token.
9% annually. What’s worth pointing out is that if you want to conserve some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the large gas fee, as the currency operates on the Binance Smart Chain with method lower costs in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher rewards for those who wish 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 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. 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 possessions if that’s something you would otherwise consider. So now, that you understand the returns let’s briefly review the reliability of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this space. The creator Alex Mashinsky is a widely known business owner. Prior to introducing the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the progress and review some of the statistics. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of assets. Alone in the last 12 months, Celsius has Crypto Lending Wiki
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At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a steep development even if we consider the buzz in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our current research, the executive board doesn’t 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 loaning platform, which is understood for the “abuse of customers money”.
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Nexo is the only platform that offers interest on fiat. Now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto lending website. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler provides some of the most innovative services among the crypto lending platforms.
YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly strong concept of what every crypto loaning platform is providing. What you need to consider though, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your possessions might get jeopardized either by 3rd parties or by the platform itself. Crypto Lending Wiki
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 technique 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 loaning platforms. Based on our in-depth comparison, let’s have a look at our independent ratings of every classification for every platform.