Yes so… P2P Crypto Lending Software…Numerous of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the service model of specific platforms, the return rates, the credibility and track record, functionality of their apps and we will likewise talk about some of the dangers that you should think about when depositing your crypto on one of these platforms.
consider subscribing and hit the like button to see more material like this in the future. Let’s first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of assets. The platform uses its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional regulations. BlockFi is the biggest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned countries. Nexo is another European platform that provides crypto lovers the alternative to make interest not only on their coins but also fiat deposits. Nexo is in fact, one of only two, to us understood, crypto loaning platforms that provide interest on fiat deposits.
And the platform is likewise planning to introduce a BlockFi credit card which will create another income 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 analysis from Nexo’s service model as the platform doesn’t have A devoted area about
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this on their website. Now let’s speak about the returns. If you are viewing this video, you want to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a few things that you must consider however. When it comes to using interest on your coins, every platform has certain limits and terms. So for example, Celsius Network changes the rates weekly to reflect the existing market scenario. Also, you are only able to make greater rates if you decide to get the interest in Celsius’s own utility token. The higher benefit rates are likewise not readily available for United States residents. If you would not want to pay out your benefits in the CEL token, you can presently expect to receive 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends on the number of your possessions. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is presently at
You can earn 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 offers greater rewards 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 predict the real return from your deposits. P2P Crypto Lending Software
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paid more than $367 M worth of rewards. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather rare in this space. 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 financial report for 2020, where you will learn that the platform is not lucrative yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area rather than the fintech area. BlockFi is also financed by many institutional investors and the platform is mainly 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 necessary financing licenses just in the U.S. , if you want to inspect BlockFi’s statistics you will not be happy as there are none available.. Some external sources suggest that there are more than 125,000 signed up users, however, we were not able to verify any of those claims straight 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 actually moved to Switzerland to release his crypto lending platform YouHodler in 2017. I understand that YouHodler has been praised by a few of you in the discuss previous videos, unfortunately, the platform isn’t publicly exposing any monetary reports, nor statistics about their user base or possessions under YouHodler’s management. When using YouHodler, this is something you must certainly think about. Moving on to Nexo. Nexo claims to manage $12 B worth of properties from more than 1.5 M of users. If this is correct, it would indicate that Nexo is twice as huge in regards to 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 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a high growth even if we consider the hype in the crypto space. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that obviously is funding Nexo. According to our current research, the executive board does not even include 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 loaning platform, which is understood for the “abuse of clients cash”.
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Nexo is the only platform that uses interest on fiat. Now that we have examined some of the track records of the four mentioned platforms, let’s briefly go over the functionality of every crypto financing site. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler provides some of the most advanced services amongst 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 truly solid concept of what every crypto lending platform is providing. What you need to consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys anymore and your properties might get jeopardized either by 3rd parties or by the platform itself. P2P Crypto Lending Software
The only way to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will only benefit from the increased value of your coin but not the interest on your deposits, which is something you can do on one of the crypto lending platforms. Based on our thorough comparison, let’s have an appearance at our independent ratings of every classification for every platform.