Looking for Youhodler Loands…Many of you have requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business design of individual platforms, the return rates, the credibility and track record, usability of their apps and we will also speak about some of the risks that you should think about when depositing your crypto on one of these platforms. We will also assemble the comparison with our independent ranking of the just-mentioned classifications for each platform. So keep watching until completion to find out how we scored individual platforms. if you are brand-new to this channel and your goal is to end up being a more informed P2P financier
Let’s first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform offers its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local policies.
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved countries. Nexo is another European platform that uses crypto enthusiasts the option to make interest not just on their coins but also fiat deposits. Nexo is in reality, one of only two, to us known, crypto financing platforms that provide interest on fiat deposits.
And the platform is likewise planning to launch 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 borrowers. That’s at least our analysis from Nexo’s company model as the platform doesn’t have A devoted area about
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If you are watching this video, you want to make cash by depositing your coins on one of the platforms? Every platform has certain limits and terms when it comes to providing interest on your coins. You are only able to earn higher rates if you choose to get the interest in Celsius’s own utility token.
9% annually. What deserves pointing out is that if you want to conserve some charges, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the large gas fee, as the currency works on the Binance Smart Chain with way lower charges in comparison to stablecoins that work on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. You can earn 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 offers greater benefits for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform provides 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 actually forecast the genuine return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency might decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. So now, that you know the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is likely the most genuine platform in this area. The creator Alex Mashinsky is a popular business owner. Prior to releasing the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the development and evaluate a few of the statistics. As we are tape-recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Loands
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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 financial report for 2020, where you will discover out that the platform is not lucrative. BlockFi is likewise funded by numerous institutional financiers and the platform is primarily targeting the US market. According to our research, it appears like he has moved to Switzerland to introduce his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually mentioned 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, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high development even if we consider the buzz in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon 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 regulated financial institution for digital properties. I would be really interested by whom Nexo is managed, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that obviously is financing Nexo. According to our current research study, the executive board doesn’t even include Antoli, but only Kosta and 2 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 “abuse of clients cash”. When reviewing 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 deeper insights into the crypto loaning area or how Nexo is operating. But that’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that uses 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 lawyers, we struggle to comprehend the legal setup under which Nexo is offering its services. So now that we have evaluated some of the track records of the four discussed platforms, let’s briefly go over the use of every crypto loaning website. Celsius has started as a native mobile app. The app is well established and it features various security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous properties you are holding and what are the presently used rates. You can withdraw and transfer supported coins but there is no exchange, so if you do not deposit your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less developed impression. The app is extremely simple therefore is the desktop version of the platform. BlockFi supports presently only 10 digital currencies. The platform likewise provides a dedicated exchange so you can even trade them. We do not recommend this function that much as the currency exchange rate are not the best. 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 taking on the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto lending platforms. Currently, the platform supports 18 digital
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a really strong concept of what every crypto lending platform is using. What you need to consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets anymore and your possessions might get jeopardized either by third celebrations or by the platform itself. Youhodler Loands
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The downside of this method is that you will only take advantage of the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. However, just like any financial investment, it always boils down to the risk and return and your risk profile. Based on our thorough contrast, let’s have an appearance at our independent scores of every classification for every platform. Keep in mind, that we have appointed the ratings based on our own research study. One represents the lowest score while 5 mean the highest rating. Within business model category.