Blockfi Down 2021 – Crypto Loans

Yes so… Blockfi Down…A lot of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business design of specific platforms, the return rates, the reliability and track record, use of their apps and we will also discuss some of the risks that you ought to consider when transferring your crypto on among these platforms. We will also round up the comparison with our independent ranking of the just-mentioned classifications for every single platform. So keep watching until the end to discover how we scored private platforms. if you are brand-new to this channel and your goal is to become a more educated P2P financier

 

Let’s first give you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to local regulations.

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned countries. Nexo is another European platform that offers crypto enthusiasts the option to earn interest not just on their coins but also fiat deposits. Nexo is in fact, one of only two, to us understood, crypto loaning platforms that use interest on fiat deposits.

 

And the platform is likewise preparing to release a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s company design as the platform doesn’t have A dedicated section about

money fees on celsius services priced about stablecoins  profit margin Blockfi Down

If you are enjoying 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 offering interest on your coins. You are just able to earn higher rates if you decide to receive the interest in Celsius’s own utility token.

 

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 greater rewards for those who want to get the interest in the native NEXO tokens instead of the deposited currency. What you ought to keep in mind is that platforms tend to change the rates from time to time, so you can’t actually forecast the real return from your deposits. Blockfi Down

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paid more than $367 M worth of benefits. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it comes to sharing its monetary reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will discover out that the platform is not lucrative. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area instead of the fintech space. BlockFi is also financed by numerous institutional investors and the platform is mainly targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are readily available Just for U.S residents as BlockFi has the required lending licenses only in the U.S. , if you want to check BlockFi’s data you won’t be happy as there are none readily available.. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were not able to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it seems like he has relocated to Switzerland to launch his crypto financing platform YouHodler in 2017. I understand that YouHodler has actually been praised by some of you in the discuss previous videos, sadly, the platform isn’t openly revealing any financial reports, nor statistics about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you must certainly consider. Proceeding to Nexo. Nexo declares to manage $12 B worth of possessions from more than 1.5 M of users. If this is proper, it would imply that Nexo is two times as big in terms of user base as Celsius with a much lower average

 

At the beginning of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a high growth even if we consider the buzz in the crypto area. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan business that obviously is financing Nexo. According to our recent research study, the executive board does not even consist of 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 understood for the “misuse of clients cash”.

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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 4 mentioned platforms, let’s briefly go over the usability of every crypto loaning site. While the crypto loans on BlockFi are only available to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most sophisticated 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 a really solid concept of what every crypto lending platform is offering. What you ought to think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your private keys anymore and your assets may get compromised either by 3rd parties or by the platform itself. Blockfi Down

 

The only method to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this strategy is that you will only benefit 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 loaning platforms. Based on our in-depth comparison, let’s have a look at our independent rankings of every classification for every platform.