BeInCrypto recently got a chance to sit down to speak with Ilya Volkov to discuss the YouHodler crypto-fiat fintech platform, blockchain technology, and the future of cryptocurrency.
BiC: There are multiple cryptocurrency-backed loan services out there right now. What makes YouHodler different?
Volkov: What we’re seeing now is massive growth in the crypto industry that will continue on this path for years to come. There is plenty of room for different companies offering different services to co-exist. That being said, YouHodler has a few unique competitive advantages. We offer better collateral options (BTC, BCH, BSV, ETH, XRP, XLM, EOS, LTC, DASH, ZCASH and more), higher loan-to-value ratios and more creative payment solutions than our crypto lending competitors.
Furthermore, we are also competing with various crypto-to-fiat payment services. Over the past couple of months, we have developed more efficient ways to transfer cryptocurrency to fiat credit/debit cards. Our competitors do not offer this near-instantaneous feature to use crypto in the real world. We are allowing people to book flights and hotels as well as buy groceries and anything else they want using crypto (via credit and debit cards).
So, basically we are not just a crypto-backed lending provider, we are crypto-fiat fintech platform, or, in simple words, we are a crypto-fiat bank with storage, conversion, and loan options.
BiC: For the uninitiated, please explain exactly how cryptocurrency-backed loans work on your platform.
Volkov: The YouHodler platform lets one borrow fiat funds instantly based on the current value of their cryptocurrency asset holdings. A user requests a loan using the crypto asset of choice as collateral. In return, the user instantly receives an agreed upon loan amount in fiat or stablecoins (USD, EUR, USDT). After repaying the loan, the user gets his/her collateral back, even if it has increased in value.
Many of our users use this capital to leverage their crypto assets, hedge their portfolio, pay for crypto mining expenses, and more. This allows our users to actually use the benefit of their crypto holdings without having to sell and potentially miss out on any bullish market activity.
For those interested in the step-by-step process of how to sign up and get a loan on YouHodler, we have a detailed tutorial at this link.
BiC: You have a credit card and app coming in 2019. When can we expect to see that, and how will it work?
Volkov: As per our roadmap, we plan to have this credit card and app available in Q4 of 2019. However, anyone can already use their own credit/debit cards right now on our platform for receiving and paying back loans.
The real benefit of the upcoming YouHodler credit card and app comes to people in the developing world without banks and without cards. With the YouHodler card, this will help them access funds instantly unlike ever before and help them to participate in the global economy.
BiC: YouHodler is an official Blockchain Association member of the Financial Commission. How does this boost the legitimacy of your project to readers who may be skeptical?
Volkov: The Financial Commission is a self-regulatory and independent organization that specializes in external dispute resolution (EDR). Their expertise lies within the realms of FX, cryptocurrencies, and blockchain, which they have an impressive track record for.
As for YouHodler, if any of our clients have a problem with us, he or she can send a complaint to the Blockchain Association/FinancialCommission. If the customer’s verdict proves to be false, YouHodler must follow the Association’s decision to resolve the dispute of said client. This adds a legitimate system of accountability for YouHodler that many young companies in crypto do not have.
BiC: Where do you see blockchain technology in the next 10 years?
Volkov: I see the development of the industry in three main dimensions:
- Crypto, obviously, is a new asset class. We can see more projects focusing on the tokenization of assets. We are seeing this new trend with security tokens as per new regulations coming from the SEC and other regulators. I believe that very soon we will see the NYSE, NASDAQ, and other new exchanges trading with tokenized assets. Traditional instruments like Apple stocks in a new tokenized form or new instruments like tokenized diamonds will likely emerge. We will also see new types of digital assets coming for extremely new projects and technologies.
- Blockchain as an infrastructure tech for many different industries (logistics, accounting, smart cities, etc.)
- Payment tools. Blockchain and crypto will be used as a new protocol for transferring funds quickly and easily around the world. Just a few years ago we started to use the HTTP protocol to exchange data on the internet, like email protocols to exchange messages. In just a few years from now, we will simply use DLT to transfer our funds.
At YouHodler we support all main industry trend. We aim to help unlock the value of assets, offering crypto-backed loans as well as fast, reliable and easy to use crypto-fiat payment tools.
BiC: Though nobody has a crystal ball, do you have any predictions for the price of Bitcoin (BTC) over the next decade?
Volkov: My views on the industry are very very positive. I believe in the huge potential that crypto and blockchain possess. But, I come from the trading industry, and the only thing I know for sure is that prices are always going up and down.
It’s like a heart. If your heart continues beating, then you’re alive. If the prices of any instrument stop being volatile, it’s dead. I can’t predict Bitcoin price levels for even a week from now, but I would say that Bitcoin and most of its altcoin successors will be with us for a long time — and they will remain volatile.
We will do our best to give our client as many tools as possible to unlock and use the value of their crypto-assets to benefit from this volatility.
Do you think crypto-fiat loan platforms like YouHodler will have much success in the coming years as the market grows? Where do you see the future of blockchain in the next decade? Let us know your thoughts in the comments below.