Youhodler Nyc 2021 – Crypto Loans

Yes so… Youhodler Nyc…Many of you have asked for 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 business design of specific platforms, the return rates, the reliability and performance history, use of their apps and we will likewise discuss a few of the threats that you should think about when depositing your crypto on among these platforms. We will also assemble the contrast with our independent rating of the just-mentioned categories for each platform. So keep watching until the end to discover how we scored specific platforms. If you are brand-new to this channel and your goal is to end up being a more informed P2P investor,

 

think about subscribing and struck the like button to see more material like this in the future. Let’s first provide you a short introduction 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. Presently, there are over 650,000 users utilizing Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of possessions. The platform provides its services worldwide, nevertheless, they are presently not issuing loans in the United States due to local guidelines. BlockFi is the largest

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that offers crypto enthusiasts the option to earn interest not just on their coins but likewise fiat deposits. Nexo is in reality, one of just 2, to us known, crypto loaning platforms that offer interest on fiat deposits.

 

And the platform is also 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 interpretation from Nexo’s organization model as the platform doesn’t have A dedicated section about

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this on their website. Now let’s talk about the returns. If you are watching this video, you desire to make cash by transferring your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you should think about. When it comes to offering interest on your coins, every platform has certain limits and terms. So for example, Celsius Network changes the rates each week to show the existing market circumstance. You are only able to make higher rates if you decide to receive the interest in Celsius’s own energy token. The higher reward rates are likewise not offered for US residents. If you would not wish to pay your rewards in the CEL token, you can currently anticipate 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 receive. The rates of interest for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at

 

9% annually. What’s worth pointing out is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the large gas cost, as the currency works on the Binance Smart Chain with method lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. You can make 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 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 adjust the rates from time to time, so you can’t actually forecast the genuine return from your deposits. Likewise, remember that by depositing your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. So now, that you know the returns let’s briefly evaluation the reliability of the platforms and their performance history. Celsius Network is likely the most genuine platform in this area. The creator Alex Mashinsky is a widely known business owner. Before launching the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and evaluate some of the statistics. As we are recording this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Nyc

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paid more than $367 M worth of benefits. While we have not 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 concerns 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 learn that the platform is not rewarding yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development space instead of the fintech area. BlockFi is likewise funded by lots of institutional financiers and the platform is mainly targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are available Just for U.S citizens as BlockFi has the necessary financing licenses just in the U.S. If you want to examine BlockFi’s statistics you won’t more than happy as there are none available. Some external sources suggest that there are more than 125,000 registered users, nevertheless, 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 area in Russia. According to our research study, it looks like he has actually transferred to Switzerland to launch his crypto loaning platform YouHodler in 2017. I understand that YouHodler has been praised by a few of you in the talk about previous videos, regrettably, the platform isn’t publicly revealing any monetary reports, nor stats about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you must definitely think about. Carrying on to Nexo. Nexo claims to manage $12 B worth of properties from more than 1.5 M of users. If this is proper, it would suggest that Nexo is twice as huge in terms of 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 actually pointed out together with other warnings in our previous video. At the beginning of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a steep growth even if we consider the hype in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital properties. I would be actually interested by whom Nexo is controlled, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance 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 two 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 customers cash”. Also when examining some of Nexo’s comments from the CEO

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Nexo is the only platform that provides interest on fiat. Now that we have actually examined some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto lending site. While the crypto loans on BlockFi are only available to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most innovative services amongst the crypto lending platforms.

 

YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly solid idea of what every crypto lending platform is using. What you should consider however, is that as soon as you transfer your crypto on any platform, you are not owning your private keys any longer and your assets might get jeopardized either by third parties or by the platform itself. Youhodler Nyc

 

The only way to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this technique is that you will only benefit from the increased worth 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 thorough comparison, let’s have an appearance at our independent scores of every classification for every platform.