Last updated on June 16, 2021 at 2:53 PM
YouHodler, one of the leading cryptocurrency-backed lending companies, has added support for some new assets. The new cryptocurrencies are DOGE, SUSHI, OMG, YFI, BUSD, SNX, ZRX and BNT. In the future, they can be used as collateral for ready on the platform and can also stand in savings to earn interest.
Crypto-based loans are becoming more and more popular as a service. Cryptocurrency holders can use their assets as collateral to borrow money rather than spending their crypto wallet. It is a way to encourage crypto investors to ‘hod’ their assets rather than selling them for daily expenses. Another way crypto investors are encouraged to hold onto their assets is by providing a savings platform for their portfolio that pays interest on the assets.
YouHodler offers up to 12% interest on user assets, depending on which ones they own. More than 30 cryptocurrencies are available on the platform.
Customers can also use these assets as collateral for loans. The list of more supported digital assets means they will have more options to choose from for loan guarantees. To make the loans more profitable for the users, it offers a high LTV of up to 90% on the loans. This is the highest in the lending industry.
A revolutionary way of ready using NFT was also introduced on YouHodler. This means that clients can use their NFT art or other items as collateral to secure business loans. They only need to provide such NFTs, and the loans will be approved once they have been verified to be genuine.
In addition to savings and credit, YouHodler has a to exchange which is designed to make trading as easy as possible. Even newcomers can use the trading service to easily trade assets with low fees.
YouHodler is a company registered in Cyprus and Switzerland. The Swiss license allows it to grant loans on the basis of NFT as collateral. The company prides itself on having a 100% secure platform with industry best practices. It uses Ledger to store clients’ cryptocurrency funds with maximum security. Fiat currencies are kept in reputable banks in Europe and Switzerland to eliminate any risk of loss of funds.
Cryptocurrency transactions are secured by Cryptocurrency Security Standard (CCSS), PCI security standards. Also $ 150 million common crime insurance provided by Ledger Vault. The company also uses Elliptic to further secure its platform and deliver the best customer experience.
To find more information about the Youhodler platform, check out our full review.
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