Looking for Youhodler Aum…A lot of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of specific platforms, the return rates, the credibility and performance history, usability of their apps and we will also speak about some of the dangers that you ought to think about when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent rating of the just-mentioned categories for every platform. So keep watching until completion to discover how we scored private platforms. If you are brand-new to this channel and your objective is to become a more educated P2P investor,
Let’s very first provide you a quick intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are presently not issuing loans in the United States due to regional guidelines.
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. Nexo is another European platform that uses crypto enthusiasts the option to earn interest not only on their coins however likewise fiat deposits. Nexo is in reality, one of just two, to us known, crypto financing platforms that use interest on fiat deposits.
let’s talk about how they make money in the first place. Celsius makes money from the interest they charge to the borrowers which are either retail debtors or organizations, they also make money 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 suggests that Celsius uses the collateral from the borrowers and deploys it in order to produce extra earnings. BlockFi is also making money through the interest that is being credited borrowers. In addition to that, the platform likewise charges a 2% origination cost for anyone who wishes to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform generates income from the spread when exchanging currencies. BlockFi likewise charges withdrawal charges after your one totally free withdrawal each month. And the platform is likewise preparing to introduce a BlockFi charge card which will generate another income stream. YouHodler is likewise earning money from the interest credited borrowers. In addition to that, there is a little withdrawal charge and fees for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto possessions in exchange for potential returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes profits with their Nexo token. That’s at least our analysis from Nexo’s business model as the platform does not have A devoted area about
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If you are seeing this video, you desire to make cash by transferring your coins on one of the platforms? Every platform has particular limits and terms when it comes to using interest on your coins. You are just able to earn greater rates if you decide to get the interest in Celsius’s own energy token.
9% per year. What’s worth pointing out is that if you want to save some charges, 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 significant gas cost, as the currency operates on the Binance Smart Chain with way lower fees in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler uses presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. 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 provides higher rewards for those who want 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 adjust the rates from time to time, so you can’t actually predict the genuine return from your deposits. Keep in mind that by transferring your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. Now, that you are aware of 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 area. The founder Alex Mashinsky is a popular entrepreneur. Prior to releasing 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 an eye on the progress and examine a few of the stats. As we are tape-recording 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 Youhodler Aum
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paid out more than $367 M worth of rewards. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it concerns 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 discover that the platform is not profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development space rather than the fintech space. BlockFi is likewise funded by many institutional investors and the platform is generally targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S citizens as BlockFi has the required lending licenses only in the U.S. If you want to inspect BlockFi’s stats you will not be happy as there are none offered. Some external sources recommend that there are more than 125,000 registered 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 space in Russia. According to our research, it seems like he has moved to Switzerland to release his crypto loaning platform YouHodler in 2017. I know that YouHodler has been praised by some of you in the talk about previous videos, regrettably, the platform isn’t openly revealing any monetary reports, nor stats about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you ought to certainly consider. Carrying on to Nexo. Nexo claims to manage $12 B worth of properties from more than 1.5 M of users. If this is right, it would indicate that Nexo is twice as big in regards to user base as Celsius with a much lower average
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually explained together with other warnings in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a steep development even if we consider the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian political leader with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital assets. I would be truly interested by whom Nexo is managed, as the company does not have a lending license in Estonia, where they are a legal entity Nexo Provider 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 second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance business that apparently is financing Nexo. According to our recent research study, the executive board doesn’t even include Antoli, but only 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”. When evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and predicting rates but lacks any deeper insights into the crypto lending space or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not legal representatives, we struggle to understand the legal setup under which Nexo is providing its services. So now that we have examined a few of the track records of the four discussed platforms, let’s briefly review the functionality of every crypto financing website. Celsius has actually started as a native mobile app. The app is well established and it features various security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how many possessions you are holding and what are the presently used rates. You can move and withdraw supported coins however there is no exchange, so if you do not deposit your cryptos from another wallet, you can buy them straight through the app. Note, nevertheless, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is really basic therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise offers a dedicated exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are only available to U.S. people, the platform is likewise working on a Bitcoin benefits credit card which will be taking on the charge card from Crypto.com YouHodler provides some of the most innovative services among the crypto loaning platforms. Presently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler enables you to exchange in between numerous currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not require to move hundreds of Dollars or euros to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can only earn interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise provides you the alternative to borrow fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those features goes beyond this video, you can learn how it works in our devoted youhodler evaluation on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is also using its utility tokens to offer much better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals each month. If you choose to stake your coins or fiat, implying you lock your properties for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you want to hold your assets in numerous currencies. Now you have a truly solid idea of what every crypto lending platform is providing. What you should consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your possessions may get compromised either by third parties or by the platform itself. It resembles transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are extremely clear about the reality that you Youhodler Aum
quit your ownership of the properties as long as you hold them in the platform’s wallet. The only method to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The disadvantage of this strategy is that you will just benefit from 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. However, similar to any investment, it always boils down to the risk and return and your danger profile. So based on our extensive comparison, let’s have a look at our independent rankings of every classification for every single platform. Keep in mind, that we have actually assigned the rankings based on our own research. One represents the lowest rating while five mean the greatest score. Within business design category.