Looking for Youhodler Ceo…A lot of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business model of specific platforms, the return rates, the credibility and performance history, use of their apps and we will likewise talk about some of the dangers that you need to think about when transferring your crypto on among these platforms. We will also round up the comparison with our independent rating of the just-mentioned categories for every single platform. So keep watching till completion to learn how we scored private platforms. if you are brand-new to this channel and your goal is to become a more informed P2P financier
Let’s very first provide you a short 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 offers its services worldwide, however, they are presently not releasing loans in the United States due to regional guidelines.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned nations. Nexo is another European platform that offers crypto lovers the alternative to make interest not only on their coins but likewise fiat deposits. Nexo is in truth, one of only two, to us understood, crypto lending platforms that use interest on fiat deposits.
let’s discuss how they earn money in the first place. Celsius makes money from the interest they charge to the borrowers which are either retail debtors or organizations, they likewise make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which implies that Celsius utilizes the security from the borrowers and deploys it in order to produce additional earnings. BlockFi is likewise making money through the interest that is being charged to debtors. In addition to that, the platform likewise charges a 2% origination cost for anybody who wishes to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes cash from the spread. BlockFi likewise charges withdrawal costs after your one totally free withdrawal per month. And the platform is also planning to release a BlockFi charge card which will produce another income stream. YouHodler is also making money from the interest charged to debtors. There is a small withdrawal fee and charges for extra services such as the Multi HODL tool, which is a feature that lets you take advantage of your crypto possessions in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. Nexo likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s organization design as the platform does not have A dedicated section about
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this on their website. Now let’s discuss the returns. If you are viewing this video, you want to make money by depositing your coins on one of the platforms right? Before we compare the rates, there are a couple of things that you must think about. Every platform has specific limitations and terms when it comes to offering interest on your coins. So for example, Celsius Network alters the rates each week to show the existing market situation. You are just able to make greater rates if you decide to receive the interest in Celsius’s own utility token. The higher benefit rates are likewise not offered for US residents. If you would not want to pay out your benefits in the CEL token, you can presently anticipate to receive 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends upon the number of your properties. The more bitcoin or ethereum you deposit, the less interest you will get. The interest rate for Ethereum ranges between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% each year. What deserves mentioning is that if you want 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 fee, as the currency runs on the Binance Smart Chain with method lower charges in comparison to stablecoins that work 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 requirement to stake the platform’s own energy tokens. You can earn 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 offers higher benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you ought to remember is that platforms tend to adjust the rates from time to time, so you can’t actually anticipate the genuine return from your deposits. Keep in mind that by depositing your crypto, the worth of the currency might reduce 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 evaluation the reliability 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 widely known entrepreneur. Prior to introducing the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and review some of the stats. 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 Ceo
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paid 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 dealing with the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it comes to sharing its financial 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 successful yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement space instead of the fintech area. BlockFi is also funded by many institutional investors and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are offered Just for U.S citizens as BlockFi has the required financing licenses only in the U.S. , if you desire to inspect BlockFi’s statistics you will not be happy as there are none offered.. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were unable to verify any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it looks like he has transferred to Switzerland to launch his crypto financing platform YouHodler in 2017. I know that YouHodler has been applauded by some of you in the talk about previous videos, regrettably, the platform isn’t openly revealing any financial reports, nor stats about their user base or assets under YouHodler’s management. When using YouHodler, this is something you must definitely think about. Carrying on to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. If this is appropriate, it would mean that Nexo is two times as huge in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting standards as we have actually mentioned 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 5 months later, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a high development even if we consider the hype in the crypto space. So 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 market. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital possessions. I would be really interested by whom Nexo is regulated, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that apparently is funding 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 financing platform, which is understood for the “abuse of customers money”. When examining 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 use of every crypto lending site. While the crypto loans on BlockFi are just offered 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 offers some of the most innovative services among the crypto loaning platforms.
currencies on which you have the ability to earn interest. YouHodler allows you to exchange between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not need to transfer hundreds of Euros or Dollars to test the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just make interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise uses you the option to obtain fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is also among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic financiers. As the performance of those features goes beyond this video, you can find out how it works in our devoted youhodler review on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is also using its energy tokens to provide better rates on loans, higher interests on crypto and fiat deposits, or more free withdrawals monthly. Likewise if you decide to stake your coins or fiat, suggesting you lock your assets for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to buy, or exchange crypto if you wish to hold your assets in different currencies. Now you have a really solid idea of what every crypto financing platform is providing. What you must consider however, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets any longer and your possessions might get jeopardized either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the reality that you Youhodler Ceo
quit 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 dedicated hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The disadvantage of this technique is that you will only 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 lending platforms. As with any investment, it always comes down to the danger and return and your danger profile. Based on our thorough comparison, let’s have a look at our independent rankings of every classification for every platform. Keep in mind, that we have assigned the scores based on our own research. One represents the most affordable ranking while 5 mean the highest rating. Within the business design category.