Looking for Youhodler Gemini Partnership…Much of you have asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business model of specific platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also discuss some of the risks that you should consider when depositing your crypto on among these platforms. We will also assemble the comparison with our independent score of the just-mentioned categories for every platform. So keep watching up until the end to find out how we scored private platforms. if you are brand-new to this channel and your objective is to become a more informed P2P investor
Let’s first give you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are presently not releasing loans in the United States due to local regulations.
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The platform offers 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 lovers the alternative to earn interest not just on their coins but also fiat deposits. Nexo is in reality, one of just 2, to us known, crypto financing platforms that offer interest on fiat deposits.
And the platform is also planning to introduce a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s service design as the platform does not have A dedicated section about
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If you are enjoying this video, you want to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are only able to make higher rates if you decide to receive the interest in Celsius’s own energy token.
9% per year. What deserves 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 hefty gas fee, as the currency operates 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 just 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 utility 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 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 must keep in mind is that platforms tend to change the rates from time to time, so you can’t really forecast the real return from your deposits. Likewise, remember that by transferring your crypto, the value of the currency might reduce 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 credibility of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this area. The founder Alex Mashinsky is a popular business owner. Before 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 evaluate some of the statistics. As we are taping this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Gemini Partnership
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The platform is not transparent when it comes to sharing its monetary 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 financed by lots of institutional financiers and the platform is primarily targeting the United States market. According to our research, it seems like he has actually moved to Switzerland to launch his crypto loaning platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high development even if we think about 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, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital assets. I would be really interested by whom Nexo is regulated, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions 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 found on the website. 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 current research study, the executive board doesn’t even include Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of customers cash”. Also when examining a few of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and forecasting costs however does not have any much deeper insights into the crypto lending space or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not lawyers, we have a hard time to comprehend the legal setup under which Nexo is providing its services. So now that we have examined some of the track records of the 4 discussed platforms, let’s briefly go over the usability of every crypto loaning website. Celsius has started as a native mobile app. The app is well developed and it comes with numerous security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how many possessions you are holding and what are the currently provided rates. You can withdraw and transfer supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can acquire them straight through the app. Note, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less developed impression. The app is very basic and so is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We don’t suggest this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are just available to U.S. people, the platform is also working on a Bitcoin rewards charge card which will be competing with the charge card from Crypto.com YouHodler provides a few of the most advanced services among the crypto lending platforms. Currently, the platform supports 18 digital
currencies on which you are able to make interest. YouHodler permits you to exchange between different currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are really low, so you do not need to transfer hundreds of Dollars or euros 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 earn interest on your crypto possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise offers you the choice to obtain fiat money in exchange for collateral. The platform presently supports just loans in us euros or dollars. YouHodler is likewise among the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features exceeds this video, you can find out how it works in our dedicated youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is likewise utilizing its energy tokens to use much better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals each month. If you decide to stake your coins or fiat, suggesting you lock your properties for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to buy, or exchange crypto if you want to hold your properties in different currencies. Now you have a really strong concept of what every crypto lending platform is using. What you should consider though, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets anymore and your assets may get compromised either by third parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the fact that you Youhodler Gemini Partnership
The only method to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The disadvantage of this technique is that you will only benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our extensive contrast, let’s have an appearance at our independent rankings of every category for every platform.