Looking for Cressimo Crypto-backed Loans…Many of you have requested a contrast in 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 business model of private platforms, the return rates, the reliability and performance history, usability of their apps and we will also discuss some of the threats that you ought to think about when depositing your crypto on among these platforms. We will likewise assemble the contrast with our independent score of the just-mentioned classifications for every single platform. So keep watching till completion to discover how we scored specific platforms. if you are new to this channel and your objective is to become a more educated P2P investor
consider subscribing and hit the like button to see more material like this in the future. Let’s very first give you a quick introduction to every platform before 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. 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 properties. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to local policies. BlockFi is the largest
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The platform provides 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 enthusiasts the option to make interest not just on their coins but likewise fiat deposits. Nexo is in fact, one of just two, to us understood, crypto loaning platforms that use interest on fiat deposits.
And the platform is also planning to release a BlockFi credit card which will generate 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 business model as the platform does not have A dedicated 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 specific limits and terms when it comes to using interest on your coins. You are only able to make higher rates if you choose to receive the interest in Celsius’s own utility token.
You can earn 12% interest on your USDC holdings and the platform offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you need 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. Cressimo Crypto-backed Loans
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The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover 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 moved to Switzerland to launch his crypto loaning platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have mentioned 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 on, the platform claims to handle $12B from 1.5 M users, which we believe is a little a high 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 politician with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital possessions. I would be truly interested by whom Nexo is controlled, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our current research, the executive board does not even include Antoli, but just Kosta and 2 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 “misuse of customers cash”. When reviewing some of Nexo’s remarks from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have actually examined some of the track records of the four mentioned platforms, let’s briefly go over the usability of every crypto loaning website. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is likewise working on a Bitcoin rewards 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 also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have an actually solid idea of what every crypto lending platform is using. What you should think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys any longer and your assets may get jeopardized either by third celebrations or by the platform itself. Cressimo Crypto-backed Loans
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 store it on a dedicated hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The downside of this method is that you will only 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. However, just like any investment, it constantly comes down to the threat and return and your threat profile. Based on our thorough contrast, let’s have an appearance at our independent scores of every category for every platform. Keep in mind, that we have designated the rankings based on our own research. One represents the lowest rating while five stands for the greatest rating. Within the business model category.