Crypto platform tells savers how it's different from Celsius Network
A crypto platform is stressing that it has a totally totally different enterprise mannequin than the embattled Celsius Community — and strives to make its customers’ cash work for them in a sustainable method.
In a live ask-me-anything session on Cointelegraph’s YouTube channel, YouHodler CEO Ilya Volkov mentioned the rates of interest supplied by means of his firm are sustainable — and in contrast to others within the area, the alternate is not uncovered to third-party threat.
Volkov mentioned YouHodler is “self-sufficient” and hasn’t been backed by an preliminary coin providing or enterprise capitalists, with buyer funds by no means positioned below another person’s administration.
Explaining how the buying and selling platform can afford to supply rates of interest that beat banks, the CEO defined it shares a “vital half” of its revenues with customers — and when requested concerning the present bear market, described disaster as a time of alternative.
“It is a good time to show that all the things is up and operating, we now have a sustainable enterprise mannequin, we now have correct threat administration,” Volkov mentioned.
Illustrating how this works in observe, the CEO pointed to how the present local weather had prompted YouHodler to cut back the utmost quantity that every person might earn curiosity on — from $100,000 to $25,000 — with the prospect this might enhance in future.
And on the subject of sustainability, he harassed that YouHodler has no connections to different DeFi protocols — one thing that has led to severe complications for a lot of rivals.
The long run
Volkov acknowledged that the crypto winter is difficult for a lot of, however pointed to the truth that different asset lessons are additionally struggling as excessive inflation and key price hikes from the U.S. Federal Reserve contribute to “numerous panicking available on the market” — with fears rising {that a} recession is perhaps on the horizon.
He defined that YouHodler gives merchandise for passive and energetic crypto traders alike — catering to those that merely wish to purchase or swap digital belongings, individuals who need money to pay payments with out promoting off their crypto, and superior merchants who intend to make use of lending for leverage.
Giving his imaginative and prescient of constructing a bridge between DeFi and CeFi, YouHodler’s CEO was assured that the longer term is brilliant for the business.
“All of us witnessed a transition from non-public storage to cloud storage. Now, we’re 99% cloud-based. I consider that, in a number of years from now, we’ll all be blockchain based mostly when it comes to storage of information, when it comes to digital identities,” Volkov mentioned.
He went on to disclose that YouHodler’s very first DeFi product is slated to launch in July — and that it will be straightforward to make use of with no staking or pooling that is linked to 3rd events.
Not your keys, not your crypto?
A typical chorus with crypto wallets and lending platforms pertains to an previous saying from Bitcoiners: “Not your keys, not your crypto.”
Whereas Volkov is a agency believer in {hardware} wallets and makes use of one personally, he believes that firms like YouHodler can and will maintain a spot within the ecosystem.
He mentioned: “An alternative choice to banks is money. How good is it to have money in your kitchen? In fact it will be secure till somebody steals it by some means. Cash ought to work. Cash ought to make cash, it is a predominant precept for cash administration. That is why it is higher to distribute it — it is higher to make use of a part of your funds in chilly storage and in a {hardware} pockets, and one other half working available in the market.”
Trying forward, YouHodler is planning to launch its personal bank card and set up connections between {hardware} wallets and its utility for ease of entry.
“The final mile is at all times probably the most difficult and probably the most tough,” Volkov mentioned.
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