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Top 3 crypto-backed loan companies in the world

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Top 3 crypto-backed loan companies in the world
Source: YouHodler

A crypto-backed loan is a new type of service that gained popularity during the recent slow-down in cryptocurrency activities, aptly dubbed the “Crypto Winter.” Back in December 2018, crypto bulls frenzily invested in Bitcoin [BTC], Ethereum [ETH], and XRP, among other coins. Once the market plummeted, some people chose to sell their cryptocurrencies for low prices and other people chose to HODL. For the HODLers, the past few months have been a seemingly long and continuous journey.

Because small businesses and individuals currently need cash to pay for rent and cover other necessary day-to-day bills, they often borrow cash from crypto-backed loan providers. To do this, they sign up to borrow cash loans, using their cryptocurrencies as loan collateral. When their financial situations stabilize, they repay their loans to the crypto-backed loan service providers, in return for their digital coins back. In this article, we have outlined the top 3 crypto-backed loan leaders in the market today.

Crypto-Backed Loan Company: Nexo

Nexo is one of the first companies in this field. It issues loans from $1,000 to $2,000,000 and serves clients from all over the world. The platform has over $1 billion in crypto-backed loan requests.

Pros:

  • The company operates all over the world.

Cons:

  • Nexo accepts a limited number of cryptocurrencies as collateral. However, the loan-to-value ratios are generally small and the loan process takes some time.

Crypto-Backed Loan Company: SALT Lending

SALT Lending is yet another crypto-backed loan platform. The company has over 64,000 platform members at this moment, and it already has $50 million in loans serviced.

Pros:

  • Because SALT uses a peer-to-peer approach, it allows investors to become lenders and to capitalize off of others.

Cons:

  • For people seeking to obtain loans, SALT accepts a relatively low number of cryptocurrencies as collateral. The loan-to-value ratio, up to 60%, seems to be low as well.

Crypto-Backed Loan Company: YouHodler

At this moment, YouHodler is the youngest and most competitive player in the market. Because the company wants to stay competitive with monster lenders like SALT and Nexo, it is offering better terms to its borrowers.

Pros:

  • At up to 70%, the company offers the highest loan-to-value ratio in the market. The process of obtaining a loan is extremely fast and simple. A loan can be taken instantly, and the entire process usually takes no more than a few minutes.
  • Additionally, unlike its competitors, YouHodler currently accepts five of the top cryptocurrencies as loan collateral. Whether you have BTC, ETH, XRP, BCH, or LTC, you can use it as loan collateral to borrow instant cash. YouHodler’s customer support works well.

Cons:

  • The company does NOT serve customers from the U.S., Korea, and China. It is important that crypto-backed loan providers continue helping out HODLers through the harsh times of the Crypto Winter.

So, before you sell off your digital crypto assets next time, first give crypto-backed loans a shot. They are definitely worth the try.



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Ripple

David Schwartz of Ripple projects views on tribal behavior of crypto-industry

Priyamvada Singh

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David Schwartz of Ripple projects views on tribal behavior of crypto-industry
Source: Pixabay

In a recent podcast by Internet History Podcast, the Chief Technology Officer at Ripple, David Schwartz discussed the tribal nature that surrounds the cryptocurrency and blockchain space. Here, he addressed the issue as unfortunate and stated that the members of the space must understand that working together and in sync is significant to moving forward. In his words:

“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”

He switched the subject to the workings of Ripple, wherein he explained that the company is focused on the use case of global payments but is also excited to see innovation in the space. Furthermore, he stated that he expects to see the XRP ledger be used in different sectors of innovation, moving beyond payments.

About tribalism, he said that there are certain social media platforms that fuel the trait, such as Twitter, mentioning the trend as hostile. He also said:

“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”

The tribalism that he is referring to is evident in the space as the maximalists continue to promote their respective choice of coin while dissing every other token. This has also been observed in the Bitcoin ecosystem, wherein maximalists like Roger Ver and Tone Vays are involved.

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Altcoins

Tron [TRX] energy cost to be reduced from 20 sun to 10 sun

Priya

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Tron [TRX] energy cost to be reduced from 20 sun to 10 sun
Source: Unsplash

The whole cryptocurrency market has been witnessing a steep downward trend for the past couple of weeks. Even the major cryptocurrency like Bitcoin [BTC], Ethereum [ETH] and XRP, have lost the battle against the ice king. This negative trend has broken down most of the new projects in the market, especially the investors’ sentiments. There are also a few projects and team that are finding it hard to continue their operations because of the bear’s ever-growing presence.

Despite this, Tron [TRX], the tenth-largest cryptocurrency by market cap, continues to make advancements in terms of network development. Justin Sun, the founder and CEO of Tron Foundation presented the second proposal, Proposal 9, has been approved by 2/3rd of the governing body. The proposal is aimed at making the network a developer friendly environment by reducing the energy cost from 20 sun to 10 sun, which, in turn, reduces the cost of smart contact.

Justin Sun's tweet on the proposal | Source: Twitter

Justin Sun’s tweet on the proposal | Source: Twitter

At the time of writing, the proposal had received 22 approvals and no disapprovals. The representatives who voted for the proposal includes Justin Sun Tron, Tron Society, BitGuild, Tron One, Lianjinshu, uTorrent, Crypto Guy in ZA, Infinity Stones, Alle Exchange, Tron Alliance, TronWalletMe, Raybo Tron, BitTorrent, Blockchain Org, CryptoChain, Sesameseed, callmeSR, DApp House, Tron Spark, TRX Market, Sky people, and Tron Europe.

The first proposal of the month was related to maximizing the energy limit of the network, which was also aimed at supporting the developers of the ecosystem. The proposal was approved by all 28 Super Representatives of the network. Super Representative are the representatives of the community and validators of the node who are elected by the token holders. These representatives are given the power to vote for the activation of the features of the Tron Virtual Machine, with the focus on the betterment of the entire community.

Earlier today, the CEO of the Foundation spoke about how Tron surpassed Stellar Lumens, the fourth largest cryptocurrency by market cap. He said on Twitter:

“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs”

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