After Celsius Network beat the headlines by short pausing all withdrawals, a rival crypto lending and conserving platform tells how it’s different.
A cryptocurrency platform is worrying that it has a completely distinct business model from the embattled Celsius Network — and aims to make its users’ money work for them in a sustainable way.
The interest rates offered via his company sustainable — and unlike others in the area, the exchange isn’t exposed to third-party threats.
Volkov said YouHodler is “self-sufficient” and hasn’t been approved by an initial coin offering or venture capitalists, with client funds never placed underneath somebody else’s management.
Describing how the trading platform can afford to offer good rates that hit banks, the CEO defined it shares a “significant part” of its revenues with users — and when asked regarding the current bear market, defined the crisis as a time of possibility.
“It’s a nice time to verify that everything is up and operating, we have a tolerable business model, we have good risk management,” Volkov said.
Explaining how this works in training, the CEO pointed to how the existing climate had started YouHodler to lower the maximum quantity. That each user could earn interest on — from $100,000 to $25,000 — with the opportunity this could increase in the future.
And on the topic of sustainability, he emphasized that YouHodler has no links to other Defi protocols — something that has led to serious headaches for several opponents.
Volkov recognized that the crypto winter is challenging for many. But indicated the fact that different asset types are also stumbling as high inflation and fundamental rate hikes from the U.S. Federal Reserve contribute to “a lot of panicking on the market”. With fears rising that a slump might be on the horizon.
He demonstrated that YouHodler offers products for inactive and active crypto investors alike. Catering to those who just want to buy or swap digital assets. Individuals who want cash to pay bills without trading off their crypto. And progressive traders who intend to use lending for influence.
Given his idea of building a bridge between Defi and CeFi, YouHodler’s CEO convinced that fate was bright for the drive.
“We all noticed a transition from the private repository to cloud storage. Now, we 99% cloud-based. I believe that, in a few years from now, we will all blockchain-based in terms of data storage. In terms of digital uniqueness,” Volkov said.
He went on to indicate that YouHodler’s very first Defi development slated to pitch in July. And that it’ll comfortable to use with no staking or pooling that connected to third parties.
Not your keys, not your cryptocurrency?
A familiar refrain with crypto wallets and lending platforms connects to an adage from Bitcoiners:. “Not your keys, not your crypto.”
While Volkov is a strong believer in hardware wallets and uses one privately. He thinks that companies like YouHodler can and should hold a position in the ecosystem.
He said: “An option to banks is cash. How useful is it to have cash in your kitchen? Of course,, it’ll be secure until somebody steals it somehow. Money should work. He should make money, it’s the main focus of money management. That’s why it’s better to spread it — it’s more useful to use part of your accounts in cold storage. And a hardware wallet, and another part working in the market.”
Looking forward, YouHodler is preparing to launch its credit card and found connections between hardware wallets. And its application for relief of access.
“The last mile is consistently the most difficult and the most challenging,” Volkov said.