Looking for Youhodler White Paper…Many of you have asked for a contrast 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 the business design of private platforms, the return rates, the credibility and track record, use of their apps and we will likewise discuss a few of the risks that you need to think about when transferring your crypto on among these platforms. We will likewise round up the comparison with our independent score of the just-mentioned categories for every platform. So keep watching up until the end to learn how we scored private platforms. if you are new to this channel and your goal is to become a more educated P2P investor
consider subscribing and hit the like button to see more content like this in the future. So let’s first give you a quick intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. 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 local guidelines. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that uses crypto lovers the option to earn interest not only on their coins but likewise fiat deposits. Nexo is in truth, one of just two, to us known, crypto financing platforms that offer 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 organizations, 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 means that Celsius uses the collateral from the borrowers and deploys it in order to create extra earnings. BlockFi is likewise making money through the interest that is being charged to customers. In addition to that, the platform likewise charges a 2% origination fee for anybody who wishes to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal charges after your one totally free withdrawal each month. And the platform is also preparing to introduce a BlockFi charge card which will create another income stream. YouHodler is likewise generating income from the interest credited customers. There is a little withdrawal charge and fees for extra services such as the Multi HODL tool, which is a feature 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 also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s company model as the platform does not have A dedicated section about
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If you are viewing this video, you want to make cash by transferring your coins on one of the platforms? Every platform has specific limits and terms when it comes to using interest on your coins. You are only able to earn greater rates if you choose to receive the interest in Celsius’s own utility token.
9% per year. What deserves pointing out is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not need to pay the significant gas cost, as the currency runs on the Binance Smart Chain with way lower fees in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently 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 energy 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 higher benefits 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 should remember is that platforms tend to change the rates from time to time, so you can’t actually forecast the real return from your deposits. Keep in mind that by depositing your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you are aware of the returns let’s briefly evaluation the trustworthiness 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 popular business owner. Prior to launching the Celsius network, he has co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the progress and examine some of the stats. As we are taping this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler White Paper
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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 financial report for 2020, where you will discover out that the platform is not successful. BlockFi is also financed by lots of institutional financiers and the platform is mainly targeting the US market. According to our research, it seems like he has actually transferred to Switzerland to release his crypto financing platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting standards as we have actually pointed out together with other red flags in our previous video. Also, at the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a high growth even if we consider the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading managed banks for digital possessions. I would be truly interested by whom Nexo is controlled, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance company that obviously is funding Nexo. According to our current research, the executive board does not even include Antoli, but only 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 “abuse of clients money”. When examining some of Nexo’s remarks from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have actually examined some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto lending site. While the crypto loans on BlockFi are just available to U.S. citizens, 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 amongst the crypto financing platforms.
currencies on which you are able to make interest. YouHodler allows you to exchange in between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit amounts are really low, so you don’t need to transfer numerous Dollars or euros to test 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 properties. Apart from making interest on your deposits or exchanging cryptos, YouHodler also uses you the choice to borrow fiat money in exchange for security. The platform currently supports only 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 provides 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 use is similar to Celsius Network. Nexo is also utilizing its energy tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more free withdrawals monthly. Likewise if you decide to stake your coins or fiat, suggesting you lock your possessions for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also uses you to buy, or exchange crypto if you wish to hold your properties in numerous currencies. Now you have an actually strong concept of what every crypto loaning platform is providing. What you need to think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your assets might get compromised either by third parties or by the platform itself. It’s like depositing 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 really clear about the fact that you Youhodler White Paper
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The drawback of this strategy 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, similar to any investment, it constantly comes down to the risk and return and your risk profile. So based on our extensive comparison, let’s take a look at our independent scores of every category for each platform. Note, that we have actually designated the scores based upon our own research. One represents the most affordable rating while 5 represent the highest ranking. Within business design category.