10 Apr 2019 #Bitcoin
YouHodler is now offering cash loans of $30 000 using cryptocurrency as collateral. The customers must be willing to put up their cryptocurrency to be able to get this loan. This is in an attempt to help people improve liquidity and access to funds while keeping a hodl on their assets.
YouHodler says that its community was vital in spurring on the platform's ambition. The suggestions the company received from its active community have resulted in large changes. One such change is the acceptance of Stellar Lumens (XLM) as collateral for the crypto loans the company deals in.
The addition of XLM means that YouHodler now has all major cryptocurrencies under its belt. This, in turn, makes loans easier to access for many people. Those who choose to take up a loan now may reinvest them in the market if they so wish. The company is willing to listen to consumers and if there is enough demand they will add tokens, stablecoins and other coins with all haste.
YouHodler has also announced that they will be adding crypto-crypto conversion on its platform. The biggest news for many of their clients though will be the new crypto-fiat conversion options. It will allow their users to convert Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ripple (XRP), XLM, Ethereum (ETH) and Litecoin (LTC) to dollars or euros while using their platform. Once the funds are in the required currency, users will then be able to withdraw them to a debit or credit card.
The CEO of YouHodler was proud of the innovations that YouHodler has brought to its platform. He says that users will be able to get a fiat loan based on their crypto holding and immediately withdraw it to a debit/credit card. They would also be able to use that fiat currency to trade on other exchanges. He hopes that by giving users unlimited options the company will win their loyalty.
He also anticipates implementation of a payment system and launching their own credit card. While many in the industry see this as YouHodler taking on too much, too soon, Vitalik Buterin sees this as a natural progression. He firmly believes that if firms do not take advantage of crypto booms and expand their offerings, then they will eventually be eaten up by those firms that do.
The crypto spring has seen Bitcoin rally from 3800 to 5300 US dollars in a short space of time. Many alt-coins have seen triple-digit increases in value and the market is seemingly maturing with traditional investment firms creating portfolios to compete in the market.
Vitalik, who founded YouHodler in 2017, says that his 20 years of experience in fintech helped him gain the partnerships with Swiss and EU banks that lend his company credibility. He says that while it was difficult at first, he feels that with the bull market in full swing, it is the perfect time to start expanding. He says that he is lucky that the platform was launched when it was as the timeline has been very kind to the fortunes of the company.
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