Looking for Youhodler Ÿ™ŸåÿπŸäÿñ…Many of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of individual platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also speak about a few of the dangers that you ought to consider when depositing your crypto on one of these platforms. We will also round up the comparison with our independent rating of the just-mentioned classifications for every single platform. So keep watching till the end to find out how we scored individual platforms. If you are brand-new to this channel and your objective is to end up being a more educated P2P investor,
consider subscribing and hit the like button to see more content like this in the future. Let’s very first give you a brief intro to every platform before we dive deeper into the contrast. 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 make or take a crypto loan interest on their stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of assets. The platform provides its services worldwide, nevertheless, they are currently not providing 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 numerous US states. If you are searching for a wealth-management app for your crypto possessions BlockFi is certainly worth considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. YouHodler is likely the most legitimate crypto financing platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler provides extremely competitive rates on your crypto possessions in addition to numerous other features which you will not find on any other platforms. The platform is readily available in many nations 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 provides crypto lovers the alternative to make interest not only on their coins but also fiat deposits. Nexo remains in fact, among only two, to us understood, crypto lending platforms that provide interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a brief introduction of every platform
let’s discuss how they generate income in the first place. So Celsius makes money from the interest they credit the debtors which are either retail debtors or institutions, they also earn money from their CEL token which is an utility token that you can utilize to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius uses the collateral from the debtors and deploys it in order to create additional income. BlockFi is likewise generating income through the interest that is being charged to borrowers. The platform also charges a 2% origination fee for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform makes money from the spread when exchanging currencies. BlockFi likewise charges withdrawal costs after your one complimentary withdrawal monthly. And the platform is also planning to introduce a BlockFi credit card which will generate another earnings stream. YouHodler is also making money from the interest credited debtors. In addition to that, there is a small withdrawal cost and costs for additional services such as the Multi HODL tool, which is a feature that lets you leverage your crypto assets in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. Nexo also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s company design as the platform does not have A dedicated area 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 certain limits and terms when it comes to offering interest on your coins. You are only able to earn higher rates if you choose to receive the interest in Celsius’s own utility token.
You can make 12% interest on your USDC holdings and the platform provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses greater benefits for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you must keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really forecast the genuine return from your deposits. Youhodler Ÿ™ŸåÿπŸäÿñ
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paid more than $367 M worth of rewards. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is dealing with 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, but 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 successful. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development area instead of the fintech space. BlockFi is also financed by many institutional investors and the platform is mainly targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are readily available Only for U.S residents as BlockFi has the necessary loaning licenses only in the U.S. If you wish to check BlockFi’s data you won’t be happy as there are none available. Some external sources recommend that there are more than 125,000 registered users, however, we were not able to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it seems like he has moved to Switzerland to introduce his crypto lending platform YouHodler in 2017. I know that YouHodler has actually been applauded by a few of you in the talk about previous videos, sadly, the platform isn’t publicly exposing any monetary reports, nor statistics about their user base or possessions under YouHodler’s management. This is something you should definitely think about when using YouHodler. Proceeding to Nexo. Nexo declares to handle $12 B worth of properties from more than 1.5 M of users. If this is appropriate, it would indicate that Nexo is two times as big 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 delighted about Nexo’s reporting requirements as we have mentioned 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 5 months later, the platform claims to manage $12B from 1.5 M users, which we believe is a little bit of a high development even if we think about the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled financial institution for digital properties. I would be actually interested by whom Nexo is controlled, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan company that apparently is financing Nexo. According to our current research study, the executive board does not even include Antoli, but just 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 understood for the “misuse of clients money”. When examining some of Nexo’s comments from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have evaluated some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto loaning website. While the crypto loans on BlockFi are just available to U.S. people, the platform is likewise working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler provides some of the most advanced services among the crypto financing platforms.
YouHodler is likewise one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually strong concept of what every crypto loaning platform is providing. What you should consider however, is that as soon as you transfer your crypto on any platform, you are not owning your personal keys any longer and your properties may get compromised either by third celebrations or by the platform itself. Youhodler Ÿ™ŸåÿπŸäÿñ
give up 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 keep 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 strategy is that you will only take advantage of the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto lending platforms. But, similar to any investment, it constantly comes down to the threat 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 ratings based upon our own research. One represents the most affordable ranking while 5 stands for the greatest ranking. Within business model category.