Looking for Youhodler Staking Rewards…Much of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business model of private platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also discuss a few of the threats that you should think about when transferring your crypto on among these platforms. We will likewise assemble the contrast with our independent score of the just-mentioned categories for each platform. Keep seeing up until the end to discover out how we scored specific platforms. If you are brand-new to this channel and your objective is to become a more informed P2P investor,
Let’s very first provide you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not issuing 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 worldwide with exception of approved countries. Nexo is another European platform that uses crypto enthusiasts the alternative to make interest not just 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.
And the platform is also preparing to launch a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s business design as the platform doesn’t have A dedicated area about
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If you are watching this video, you want to make money by depositing 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 greater rates if you decide to get the interest in Celsius’s own utility token.
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 provides greater rewards for those who desire to get the interest in the native NEXO tokens rather of the deposited currency. What you need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually forecast the genuine return from your deposits. Youhodler Staking Rewards
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paid more than $367 M worth of benefits. While we haven’t 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 rare in this area. The platform is not transparent when it pertains to sharing its monetary reports, but with a bit of digging, you can get your hands on the financial report for 2020, where you will find out that the platform is not rewarding yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area instead of the fintech area. BlockFi is also funded by many institutional financiers 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 loaning licenses just in the U.S. If you want to check BlockFi’s stats you will not be happy as there are none offered. Some external sources suggest that there are more than 125,000 signed up users, however, we were unable to validate any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research, it appears like he has actually moved to Switzerland to release his crypto financing platform YouHodler in 2017. I know that YouHodler has actually been praised by some of you in the discuss previous videos, regrettably, the platform isn’t openly revealing any financial reports, nor statistics about their user base or properties under YouHodler’s management. This is something you must definitely consider when utilizing YouHodler. Moving on to Nexo. Nexo claims to manage $12 B worth of assets from more than 1.5 M of users. If this is proper, it would suggest that Nexo is two times as huge 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 delighted about Nexo’s reporting standards as we have mentioned together with other warnings in our previous video. Likewise, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a little bit of a high growth even if we think about the hype in the crypto space. 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 style Retail market. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital properties. I would be really interested by whom Nexo is regulated, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Provider 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 site. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our current research, the executive board doesn’t 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 known for the “misuse of customers money”. When evaluating some of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and predicting prices but does not have any deeper insights into the crypto loaning space or how Nexo is operating. However 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 use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not attorneys, we struggle to comprehend the legal setup under which Nexo is offering its services. So now that we have evaluated some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto lending website. Celsius has started as a native mobile app. The app is well established and it includes various security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how lots of assets you are holding and what are the presently offered rates. You can withdraw and transfer supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can purchase them straight through the app. Keep in mind, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely basic and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also provides a devoted exchange so you can even trade them. We don’t suggest this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just readily available to U.S. citizens, the platform is likewise working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler provides some of the most sophisticated services amongst the crypto lending platforms. Presently, the platform supports 18 digital
YouHodler is likewise one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually solid idea of what every crypto loaning platform is offering. What you need to think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your private keys any longer and your assets might get compromised either by third celebrations or by the platform itself. Youhodler Staking Rewards
The only way to protect your crypto is to store 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 worth 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 scores of every category for every platform.