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Established in Switzerland in 2018, YouHodler is an innovative lending protocol that allows users to secure cryptocurrency-collateralized loans with minimal interest. This loaning facility allows users to retain exposure to the crypto market while getting loans.
YouHodler is a centralized exchange that allows customers to borrow several fiat currencies easily, including EUR, USD, GBP, and CHF. The lending protocol currently supports over 50 cryptocurrencies as collateral, including BTC, UNI, ETH, SOL, BNB, USDC, USDT, TUSD, DAI, PAX, HUSD, and several others. Reports show that YouHodler adds about five new tokens every quarter.
Along with crypto-to-fiat services, the platform also offers crypto-to-crypto financial services, allowing users to guarantee crypto exposure in all situations. YouHodler is readily accessible in over 180 countries except for Iraq, China, Bangladesh, North Korea, and the US.
YouHodler works like any other crypto lending protocol and can be accessed on a web browser or through the mobile app.
On signing up, users are required to fill out a short questionnaire, upload a valid ID, and provide proof of address per KYC and AML requirements. Once verified, users have access to varying kinds of loans, conversions, and savings services.
Services Offered by YouHodler
Originally, YouHodler was intended solely as a crypto lending protocol for crypto-backed loans. However, the platform slowly increased its range of services to accommodate the growing demand for crypto financial services. YouHodler’s services include crypto-backed loans, crypto exchange operations, crypto and fiat conversion, savings accounts, multi HODL, and Turbocharge.
Multi HODL and Turbocharge are unique YouHodler programs that make earning returns through crypto volatility more efficient.
Securing a Cryptocurrency Loan on YouHodler
Securing a YouHodler loan is as easy as carrying out any other crypto transaction on a centralized exchange. The “vanilla” crypto loan can be offered with a loan-to-value (LTV) ratio of 90% for loans to be repaid within 10 to 30 days. The maximum loan duration on this platform is a year, exactly 365 days, with a 50% LTV.
To secure a loan, first select one out of the +50 cryptos supported by the exchange you would like to deposit as collateral, the fiat currency of choice, and the loan amount.
After selecting the primary parameters, loan seekers have to choose the LTV and initial loan duration. Finally, users can click on the ‘Get Loan’ icon to secure a crypto loan. That said, loans on YouHodler come with added interest, depending on the loan duration.
Users can easily manage loan principal, interest, and potential earnings using the built-in calculator on the platform.
Conclusion
Because it values its users’ safety and protection, YouHodler has partnered with top crypto associations like the CVA and custodial wallet services in Ledger Vault to provide industry-grade security.
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