Yes so… Youhodler Sign Up…Many of you have asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the company design of specific platforms, the return rates, the reliability and track record, use of their apps and we will also talk about some of the threats that you must think about when depositing your crypto on one of these platforms.
Let’s first give you a short 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 uses its services worldwide, however, they are presently not releasing loans in the United States due to regional regulations.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned countries. Nexo is another European platform that uses crypto lovers the alternative to make interest not only on their coins but also fiat deposits. Nexo is in fact, one of just two, to us understood, crypto loaning platforms that offer 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 also takes a cut from the interest that is being paid by the debtors. That’s at least our analysis from Nexo’s organization design as the platform doesn’t have A devoted section about
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If you are watching this video, you want to make cash 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 only able to earn greater rates if you choose to get the interest in Celsius’s own energy token.
You can earn 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 greater benefits for those who desire to receive the interest in the native NEXO tokens instead of the deposited currency. What you ought to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t truly predict the real return from your deposits. Youhodler Sign Up
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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 find out that the platform is not successful. BlockFi is also funded by numerous institutional investors and the platform is mainly targeting the US market. According to our research study, it seems like he has transferred to Switzerland to launch his crypto loaning platform YouHodler in 2017.
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 manage $12B from 1.5 M users, which we think is a bit of a high development even if we think about the hype in the crypto area. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our recent research study, the executive board does not even consist of 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 known for the “abuse of customers cash”.
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Nexo is the only platform that provides interest on fiat. Now that we have examined some of the track records of the four discussed platforms, let’s briefly go over the use of every crypto loaning site. While the crypto loans on BlockFi are only available to U.S. residents, the platform is likewise working on a Bitcoin benefits credit card which will be contending with the credit card from Crypto.com YouHodler provides some of the most advanced services among the crypto financing platforms.
YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly strong concept of what every crypto loaning platform is providing. What you must think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets anymore and your properties may get jeopardized either by 3rd parties or by the platform itself. Youhodler Sign Up
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only method to protect your crypto is to keep it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The downside of this method is that you will just take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto loaning platforms. As with any financial investment, it always comes down to the threat and return and your threat profile. Based on our extensive contrast, let’s have a look at our independent ratings of every classification for every platform. Note, that we have designated the scores based on our own research. One represents the lowest score while 5 represent the highest rating. Within business model classification.