Blockfi Rewards 2021 – Crypto Loans

Yes so… Blockfi Rewards…A number of you have actually 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 requested, in this video, we will be comparing the business model of specific platforms, the return rates, the trustworthiness and track record, use of their apps and we will also speak about some of the threats that you should consider when transferring your crypto on one of these platforms. We will likewise round up the contrast with our independent ranking of the just-mentioned categories for every single platform. So keep watching till completion to find out how we scored specific platforms. If you are new to this channel and your objective is to become a more informed P2P investor,

 

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

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competitor to Celsius Network. The US-based company has trading and lending licenses in numerous US states. , if you are looking for a wealth-management app for your crypto possessions BlockFi is certainly worth thinking about.. The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of sanctioned countries. YouHodler is likely the most legitimate crypto loaning platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler provides really competitive rates on your crypto properties as well as a number of other functions which you will not discover on any other platforms. The platform is available in numerous nations with the exception of Germany and the USA. So if you reside in the states, you will not have the ability to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the alternative to earn interest not just on their coins however also fiat deposits. Nexo is in fact, one of only two, to us known, crypto financing platforms that offer interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick overview of every platform

 

And the platform is likewise preparing to launch a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our analysis from Nexo’s organization design as the platform does not have A dedicated section about

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If you are enjoying this video, you desire to make cash by transferring your coins on one of the platforms? Every platform has specific limits and terms when it comes to providing interest on your coins. You are only able to make greater rates if you choose to receive the interest in Celsius’s own energy token.

 

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 uses greater benefits for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you need to keep in mind is that platforms tend to change the rates from time to time, so you can’t really forecast the real return from your deposits. Blockfi Rewards

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paid more than $367 M worth of rewards. While we haven’t 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 rare in this space. 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 monetary report for 2020, where you will discover out that the platform is not rewarding. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space instead of the fintech space. BlockFi is also funded by numerous institutional investors and the platform is generally targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are available Only for U.S citizens as BlockFi has the necessary financing licenses only in the U.S. , if you desire to inspect BlockFi’s data you will not be pleased as there are none available.. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were unable 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, it looks like he has relocated to Switzerland to release his crypto lending platform YouHodler in 2017. I understand that YouHodler has actually been applauded by some of you in the discuss previous videos, sadly, the platform isn’t publicly exposing any financial reports, nor data about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you need to certainly think about. Carrying on to Nexo. Nexo declares to manage $12 B worth of properties from more than 1.5 M of users. It would imply that Nexo is two times as huge in terms of user base as Celsius with a much lower average if this is correct

 

At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to manage $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 established Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our current research, the executive board does not even consist of Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of clients cash”.

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in the media, he is often only promoting crypto and anticipating prices but lacks any deeper insights into the crypto lending area or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our knowledge, you can not offer interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Although we are not legal representatives, we struggle to comprehend the legal setup under which Nexo is providing its services. Now that we have evaluated some of the track records of the four pointed out platforms, let’s briefly go over the functionality of every crypto financing 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 offered rates. You can move and withdraw supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is extremely simple therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise offers a dedicated exchange so you can even trade them. We do not suggest this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are only offered to U.S. citizens, the platform is likewise working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto lending platforms. Presently, the platform supports 18 digital

 

YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly solid concept of what every crypto loaning platform is providing. What you need to consider though, is that as soon as you transfer your crypto on any platform, you are not owning your personal secrets any longer and your assets may get compromised either by 3rd celebrations or by the platform itself. Blockfi Rewards

 

quit your ownership of the properties as long as you hold them in the platform’s wallet. The only method to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The downside of this strategy is that you will just gain from the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. As with any financial investment, it always comes down to the threat and return and your threat profile. Based on our extensive comparison, let’s have a look at our independent scores of every classification for every platform. Keep in mind, that we have actually appointed the rankings based upon our own research study. One represents the most affordable score while five mean the highest rating. Within business model classification.