Yes so… Salt Crypto Loan…Much of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business model of specific platforms, the return rates, the reliability and track record, use of their apps and we will also discuss some of the dangers that you should think about when depositing 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 platform. Keep watching until the end to find out how we scored private platforms. If you are brand-new to this channel and your goal is to end up being a more informed P2P financier,
Let’s first provide you a quick intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not issuing loans in the United States due to local regulations.
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rival to Celsius Network. The US-based company has trading and financing licenses in various US states. , if you are looking for a wealth-management app for your crypto possessions BlockFi is definitely 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 lending platform in Europe. The business is signed up in Cyprus, with a devoted branch in Switzerland. YouHodler provides really competitive rates on your crypto possessions as well as a number of other features which you won’t find on any other platforms. The platform is readily available in numerous nations with the exception of Germany and the U.S.A.. So if you reside in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that provides crypto lovers the alternative to earn interest not just on their coins however also fiat deposits. Nexo remains in fact, among just two, to us understood, crypto financing platforms that provide interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick introduction of every platform
And the platform is also planning to introduce 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 customers. That’s at least our analysis from Nexo’s business model as the platform doesn’t have A devoted section about
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If you are viewing this video, you desire to make money by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are just able to make greater rates if you decide to receive the interest in Celsius’s own energy token.
9% annually. What’s worth mentioning is that if you want to save some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the significant gas cost, as the currency works on the Binance Smart Chain with way lower charges in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler uses presently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. 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 offers higher rewards for those who want to get the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to remember is that platforms tend to change the rates from time to time, so you can’t truly forecast the real return from your deposits. Keep in mind that by depositing your crypto, the worth of the currency may reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you know the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The founder Alex Mashinsky is a widely known business owner. Prior to releasing the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the progress and review a few of the statistics. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Salt Crypto Loan
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paid out more than $367 M worth of rewards. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is dealing with the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it pertains to sharing its financial reports, however with a bit of digging, you can get your hands on the monetary report for 2020, where you will discover that the platform is not profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space rather than the fintech space. BlockFi is likewise financed by many institutional financiers and the platform is mainly targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the necessary financing licenses just in the U.S. , if you desire to inspect 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, however, we were not able to validate any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research study, it looks like he has moved to Switzerland to release his crypto financing platform YouHodler in 2017. I know that YouHodler has actually been applauded by some of you in the discuss previous videos, regrettably, the platform isn’t publicly revealing any financial reports, nor data about their user base or properties under YouHodler’s management. This is something you should certainly consider when utilizing YouHodler. Carrying on to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. If this is right, it would mean that Nexo is twice as huge 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 standards as we have explained together with other warnings in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, 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 possessions. I would be really interested by whom Nexo is controlled, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan company that obviously is funding Nexo. According to our current research, the executive board does not even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “misuse of customers cash”. When reviewing some of Nexo’s comments from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have actually examined some of the track records of the 4 mentioned platforms, let’s briefly go over the functionality of every crypto loaning website. While the crypto loans on BlockFi are only available to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be contending with the credit card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto financing platforms.
currencies on which you are able to earn interest. YouHodler permits you to exchange between various currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are extremely low, so you do not need to move numerous Dollars or euros to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only earn interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to obtain fiat money in exchange for security. The platform currently supports just loans in us dollars or euros. YouHodler is also among the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also provides two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those functions surpasses this video, you can discover how it works in our dedicated youhodler review on p2pempire. Nexo’s use resembles Celsius Network. Nexo is also using its utility tokens to offer better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals per month. Also if you choose to stake your coins or fiat, meaning you lock your properties for a specified term, you can get a greater rate of interest. Like BlockFi, Nexo likewise provides you to buy, or exchange crypto if you wish to hold your assets in various currencies. Now you have a truly solid concept of what every crypto loaning platform is offering. What you should think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties might get jeopardized either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the reality that you Salt Crypto Loan
quit your ownership of the assets as long as you hold them in the platform’s wallet. The only way to protect your crypto is to store 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 benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on among the crypto loaning platforms. But, as with any financial investment, it always comes down to the risk and return and your danger profile. So based on our in-depth contrast, let’s take a look at our independent ratings of every category for every platform. Keep in mind, that we have actually designated the rankings based on our own research. One represents the most affordable rating while five represent the greatest score. Within the business model classification.