Youhodler Vs Cake Defi 2021 – Crypto Loans

Yes so… Youhodler Vs Cake Defi…Much of you have 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 asked for, in this video, we will be comparing the business model of private platforms, the return rates, the reliability and performance history, use of their apps and we will likewise talk about some of the risks that you must consider when transferring your crypto on one of these platforms. We will likewise assemble the contrast with our independent rating of the just-mentioned classifications for every platform. Keep viewing until the end to discover out how we scored specific platforms. if you are new to this channel and your objective is to become a more informed P2P investor

 

consider subscribing and hit the like button to see more content like this in the future. Let’s first offer you a brief introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of properties. The platform provides its services worldwide, however, they are presently not issuing 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 readily available around the world with exception of sanctioned countries. Nexo is another European platform that uses crypto enthusiasts the choice to earn interest not only on their coins but also fiat deposits. Nexo is in reality, one of only 2, to us understood, crypto loaning platforms that offer interest on fiat deposits.

 

And the platform is also preparing 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 borrowers. That’s at least our interpretation from Nexo’s service model as the platform does not have A dedicated area about

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If you are viewing 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 providing interest on your coins. You are only able to earn higher rates if you choose to receive the interest in Celsius’s own utility token.

 

9% per year. What deserves discussing is that if you wish to save some fees, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not need to pay the substantial gas cost, as the currency runs on the Binance Smart Chain with method lower costs in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. 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 wish to receive 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 actually anticipate the real return from your deposits. Keep in mind that by transferring your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly review the credibility 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 well-known business owner. Prior to launching the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the development and examine a few of the data. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Vs Cake Defi

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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 resolving the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it comes to sharing its monetary reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not profitable. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area instead of the fintech area. BlockFi is also funded by lots of institutional financiers and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are available Only for U.S people as BlockFi has the required loaning licenses just in the U.S. , if you desire to check BlockFi’s data you will not be pleased as there are none available.. Some external sources suggest that there are more than 125,000 signed up users, however, we were unable to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it seems like he has transferred to Switzerland to launch his crypto loaning platform YouHodler in 2017. I understand that YouHodler has actually been praised by a few of you in the talk about previous videos, unfortunately, the platform isn’t publicly exposing any financial reports, nor data about their user base or properties under YouHodler’s management. When utilizing YouHodler, this is something you need to certainly consider. Carrying on to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. It would imply that Nexo is two times as huge in terms of user base as Celsius with a much lower average if this is appropriate

 

deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually pointed out together with other red flags in our previous video. Also, at the beginning of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform claims to handle $12B from 1.5 M users, which we believe is a little a steep growth 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, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading regulated financial institution 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. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that apparently is funding Nexo. According to our current research, the executive board doesn’t even include Antoli, however 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 understood for the “abuse of clients cash”. When evaluating 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 reviewed some of the track records of the four discussed platforms, let’s briefly go over the usability of every crypto loaning site. While the crypto loans on BlockFi are just available to U.S. residents, the platform is likewise working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto loaning platforms.

 

YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really solid concept of what every crypto lending platform is using. What you should think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys anymore and your assets might get jeopardized either by 3rd celebrations or by the platform itself. Youhodler Vs Cake Defi

 

quit your ownership of the assets as long as you hold them in the platform’s wallet. The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The drawback of this strategy is that you will just take advantage of the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto loaning platforms. As with any investment, it always comes down to the danger and return and your risk profile. So based on our in-depth comparison, let’s have a look at our independent rankings of every category for every single platform. Note, that we have actually assigned the ratings based upon our own research. One represents the most affordable ranking while five stands for the greatest rating. Within business model classification.