A Crypto Platform Is Stressing
After Celsius Network made headlines by abruptly suspending all withdrawals, a competing crypto lending and savings company explains how it differs. YouHodler CEO Ilya Volkov said in a live ask-me-anything session on Cointelegraph’s YouTube channel that the interest rates offered by his company are sustainable — and that, unlike others in the market, the exchange is not vulnerable to third-party risk.
YouHodler, according to Volkov, is “self-sufficient”. Moreover, it has not been funded by an ICO or venture capitalists, with customer cash never under someone else’s supervision. When asked about the present bear market, the CEO saw it as a time of opportunity. He explained that it shares a “substantial portion” of its revenues with consumers.
To demonstrate how this works in practice, the CEO mentioned how the current economic climate had forced YouHodler to limit the maximum amount that each user could earn interest on — from $100,000 to $25,000 — with the possibility of increasing this in the future.
On sustainability, he emphasized that YouHodler has no ties to other DeFi protocols. Notably, DeFi protocols have caused major headaches for several competitors.
Crypto Is Not the Only One Suffering
The crypto winter is difficult for many but noted that other asset classes are also suffering as high inflation and key rate hikes from the United States Federal Reserve contribute to “a lot of panicking on the market” — with fears growing that a recession is on the horizon.
YouHodler caters to passive and active crypto investors. It provides solutions for those who want to buy or swap digital assets, those who need cash to pay bills without selling their crypto, and expert traders who want to use lending for leverage. Cash is an alternative to banks. How useful is having cash in your kitchen? Of course, it will be safe until someone steals it. Money should be productive. Money should make money; this is a fundamental principle of financial management. That is why it is preferable to distribute it. It is preferable to keep a portion of your assets in cold storage and a hardware wallet. At the same time, another piece operates in the market.
