Yes so… Youhodler Pro…Many of you have actually requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business design of private platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about some of the threats that you must consider when transferring your crypto on one of these platforms.
consider subscribing and hit the like button to see more material like this in the future. So let’s first provide you a short introduction to every platform prior to 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. Currently, there are over 650,000 users using 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 assets. The platform provides its services worldwide, nevertheless, they are presently not providing loans in the United States due to local guidelines. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved countries. Nexo is another European platform that uses crypto lovers the choice to earn interest not just on their coins however likewise fiat deposits. Nexo is in reality, one of just two, to us understood, crypto loaning platforms that provide interest on fiat deposits.
let’s talk about how they make money in the first place. Celsius makes cash from the interest they charge to the borrowers which are either retail customers or institutions, they likewise make cash from their CEL token which is an energy token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which indicates that Celsius uses the security from the customers and releases it in order to produce extra income. BlockFi is likewise earning money through the interest that is being charged to borrowers. In addition to that, the platform also charges a 2% origination charge for anyone who wants to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform earns money from the spread when exchanging currencies. BlockFi likewise charges withdrawal charges after your one complimentary withdrawal monthly. And the platform is likewise preparing to launch a BlockFi credit card which will produce another income stream. YouHodler is also making money from the interest charged to customers. There is a little withdrawal fee and charges for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto possessions in exchange for possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. Nexo likewise makes revenues with their Nexo token. That’s at least our analysis from Nexo’s company model as the platform doesn’t have A dedicated area 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 specific limitations and terms when it comes to using interest on your coins. You are only able to make greater 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you ought to keep in mind is that platforms tend to change the rates from time to time, so you can’t actually predict the real return from your deposits. Youhodler Pro
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deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have mentioned together with other red flags in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a steep development even if we consider the buzz in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital assets. I would be actually interested by whom Nexo is controlled, as the company doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan company that obviously is funding Nexo. According to our current research study, the executive board doesn’t even consist of Antoli, however just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of customers money”. Also when reviewing a few 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 4 pointed out platforms, let’s briefly go over the use of every crypto lending website. While the crypto loans on BlockFi are just offered 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 offers some of the most sophisticated services amongst the crypto financing platforms.
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a really strong concept of what every crypto lending platform is providing. What you need to think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets any longer and your possessions might get jeopardized either by 3rd celebrations or by the platform itself. Youhodler Pro
give up your ownership of the assets 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 very best way to keep your cryptos safe. The drawback of this strategy is that you will just gain 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. As with any investment, it constantly comes down to the threat and return and your threat profile. Based on our extensive contrast, let’s have an appearance at our independent scores of every classification for every platform. Keep in mind, that we have actually assigned the scores based on our own research. One represents the lowest score while 5 represent the greatest ranking. Within business model category.