Crypto Lend 2021 – Crypto Loans

Yes so… Crypto Lend…Many of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business model of specific platforms, the return rates, the credibility and track record, functionality of their apps and we will also talk about some of the dangers that you need to consider when depositing your crypto on one of these platforms.

 

Let’s first give you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. The platform offers its services worldwide, however, they are currently not releasing loans in the United States due to local regulations.

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rival to Celsius Network. The US-based business has trading and lending licenses in various US states. If you are trying to find a wealth-management app for your crypto possessions BlockFi is definitely worth considering. The platform uses crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved countries. YouHodler is likely the most legitimate crypto financing platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides very competitive rates on your crypto properties along with several other features which you won’t find on any other platforms. The platform is available in numerous countries with the exception of Germany and the U.S.A.. So if you live in the states, you won’t have the ability to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the option to earn interest not just on their coins however likewise fiat deposits. Nexo remains in truth, 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. Now that you have a quick overview of every platform

 

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

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If you are watching this video, you desire to make money by transferring your coins on one of the platforms? Every platform has particular limits and terms when it comes to providing interest on your coins. You are only able to make higher rates if you decide to get the interest in Celsius’s own utility token.

 

You can make 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 provides greater benefits for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the real return from your deposits. Crypto Lend

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paid more than $367 M worth of benefits. While we haven’t managed to get answers to our questions, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather rare in this area. The platform is not transparent when it comes to sharing its monetary 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 profitable. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement area instead of the fintech area. BlockFi is likewise financed by many institutional investors and the platform is generally targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are offered Just for U.S citizens as BlockFi has the required loaning licenses just in the U.S. , if you desire to inspect BlockFi’s stats you will not be pleased as there are none available.. Some external sources recommend that there are more than 125,000 signed up 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 space in Russia. According to our research, it seems like he has actually transferred to Switzerland to launch his crypto lending platform YouHodler in 2017. I know that YouHodler has been praised by some of you in the comments on previous videos, unfortunately, the platform isn’t publicly revealing any financial reports, nor statistics about their user base or assets under YouHodler’s management. This is something you need to definitely consider when utilizing YouHodler. Carrying on to Nexo. Nexo declares to manage $12 B worth of possessions from more than 1.5 M of users. It would imply that Nexo is two times as big 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 five months later on, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high growth even if we think about the hype in the crypto area. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research study, 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 loaning platform, which is understood for the “abuse of customers money”.

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in the media, he is often only promoting crypto and forecasting prices however does not have any deeper insights into the crypto lending area or how Nexo is operating. That’s just our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our understanding, 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 have a hard time to understand the legal setup under which Nexo is providing its services. Now that we have actually reviewed some of the track records of the four pointed out platforms, let’s briefly go over the use of every crypto lending site. Celsius has actually begun as a native mobile app. The app is well developed and it features numerous security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see how many properties you are holding and what are the presently provided rates. You can transfer and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can purchase them directly through the app. Keep in mind, nevertheless, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is very basic and so is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform also provides a dedicated exchange so you can even trade them. We don’t suggest this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are only available to U.S. citizens, the platform is likewise dealing with a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto loaning platforms. Presently, 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 an actually solid idea of what every crypto loaning platform is using. What you should think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your possessions may get jeopardized either by third celebrations or by the platform itself. Crypto Lend

 

The only method to protect your crypto is to save it on a devoted hardware wallet like this one from Trezor. The disadvantage of this technique is that you will just 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 financing platforms. Based on our in-depth contrast, let’s have a look at our independent scores of every category for every platform.