YouHodler, a leading crypto-backed lending company, has added support for some new assets. The new cryptocurrencies are DOGE, SUSHI, OMG, YFI, BUSD, SNX, ZRX, and BNT. Going forward, they will be available for use as collateral for loans on the platform and can also be held in savings to earn interest.
Crypto-based lending is becoming increasingly popular as a service. Cryptocurrency holders can use their assets as collateral to borrow cash rather than spend their crypto portfolio. This is a way to encourage crypto investors to “hodl” their assets rather than sell them for daily expenses. Another way that 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 users’ assets, depending on which ones they have. More than 30 cryptocurrencies are available on the platform.
Customers can also use these assets as collateral for loans. The listing of more supported digital assets means that they will have more options to choose from for loan collateral. To make lending more rewarding for users, it offers a high LTV of up to 90% on loans. This is the highest in the lending industry.
A revolutionary way of lending using NFTs has also been introduced on YouHodler. This means customers can use their NFT art or other items as collateral to secure loans from the company. They only need to provide such NFTs, and loans will be approved once they are verified to be genuine.
Apart from savings and lending, YouHodler has an exchange that is designed to make trading as easy as possible. Even newcomers can use the trading service to trade assets with low fees easily.
YouHodler is a registered company in Cyprus and Switzerland. The Swiss license empowers it to give loans based on NFTs as collateral. The company boasts of having a 100% secure platform with industry best practices. It uses Ledger to store customers’ cryptocurrency funds at maximum security. Fiat currencies are kept at reputable banks in Europe and Switzerland to eliminate any risk of losing funds.
Cryptocurrency operations are secured by the Cryptocurrency Security Standard (CCSS), PCI Security Standards. Also a $150M pooled crime insurance provided by Ledger Vault. The company also employs Elliptic to further secure its platform for the best customer experience.
To find more info about Youhodler platform, check our full review.