Looking for Series B Youhodler…Numerous of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the company design of private platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the risks that you must consider when transferring your crypto on one of these platforms.
Let’s very first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional guidelines.
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competitor to Celsius Network. The US-based company has trading and loaning licenses in various US states. , if you are looking for a wealth-management app for your crypto properties BlockFi is certainly worth thinking about.. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned countries. YouHodler is most likely the most legitimate crypto lending platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides very competitive rates on your crypto properties as well as a number of other features which you won’t discover on any other platforms. The platform is offered in lots of nations with the exception of Germany and the U.S.A.. So if you live in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that offers crypto lovers the choice to earn interest not only on their coins but likewise fiat deposits. Nexo remains in reality, among only 2, to us known, crypto lending platforms that use interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick introduction of every platform
And the platform is also preparing to launch a BlockFi credit card which will generate another earnings 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 company model as the platform does not have A devoted section 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 specific limits and terms when it comes to providing interest on your coins. You are just able to earn higher rates if you decide to receive the interest in Celsius’s own energy 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 likewise transfer the Binance USD coin for which you will not need to pay the large gas cost, as the currency runs on the Binance Smart Chain with method lower charges in contrast to stablecoins that work on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers presently 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 provides higher rewards 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 should bear in mind is that platforms tend to change the rates from time to time, so you can’t really anticipate the real return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. So now, that you are aware of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The creator Alex Mashinsky is a popular entrepreneur. Before introducing the Celsius network, he has actually co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and examine some of the stats. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Series B Youhodler
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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 monetary report for 2020, where you will find out that the platform is not successful. BlockFi is likewise funded by lots of institutional investors and the platform is mainly targeting the United States market. According to our research study, it seems like he has actually relocated to Switzerland to introduce his crypto lending 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 explained together with other warnings in our previous video. At the start of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a high growth even if we think about the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon 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 managed financial institution for digital possessions. I would be actually interested by whom Nexo is regulated, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout 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 website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance company that apparently is financing Nexo. According to our current research study, the executive board does not even consist of Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “abuse of clients money”. When reviewing some of Nexo’s remarks from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have evaluated some of the track records of the 4 pointed out platforms, let’s briefly go over the usability of every crypto financing website. While the crypto loans on BlockFi are just available to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto financing platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a truly solid concept of what every crypto financing platform is providing. What you should think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your assets might get compromised either by third celebrations or by the platform itself. Series B Youhodler
The only method to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this technique is that you will only benefit from the increased value of your coin but not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. Based on our extensive contrast, let’s have an appearance at our independent scores of every category for every platform.