Crypto platform tells savers how it's different from Celsius Network

cointelegraph.com:

A crypto platform is stressing that it has a completely different business model than the embattled Celsius Network — and strives to make its users' money work for them in a sustainable way.

In a live ask-me-anything session on Cointelegraph's YouTube channel, YouHodler CEO Ilya Volkov said the interest rates offered through his company are sustainable — and unlike others in the space, the exchange isn't exposed to third-party risk.

Volkov said YouHodler is "self-sufficient" and hasn't been backed by an initial coin offering or venture capitalists, with customer funds never placed under someone else's management.

Explaining how the trading platform can afford to offer interest rates that beat banks, the CEO explained it shares a "significant part" of its revenues with users — and when asked about the current bear market, described crisis as a time of opportunity.

"It's a nice time to prove that everything is up and running, we have a sustainable business model, we have proper risk management," Volkov said.

Illustrating how this works in practice, the CEO pointed to how the current climate had prompted YouHodler to reduce the maximum amount that each user could earn interest on — from $100,000 to $25,000 — with the prospect this could increase in future.

And on the topic of sustainability, he stressed that YouHodler has no connections to other DeFi protocols — something that has led to serious headaches for a number of rivals.

Volkov acknowledged that the crypto winter is hard for many, but pointed to the fact that other asset classes are also struggling as high inflation and key rate hikes from the U.S. Federal Reserve contribute to "a lot of panicking on the market" — with fears growing that a recession might be on the