The team here at YouHodler was extremely busy over the holiday season improving upon this platform. Surely, you were all busy too but now that we’re over halfway through January, it’s full steam ahead. Despite the limited downtime, we managed to catch YouHodler founder and CEO Ilya Volkov for a Q&A session.
Q: Please tell us your name and a little bit about yourself?
A: My name is Ilya Volkov and currently, I am the founder and CEO of YouHodler, a crypto-backed lending platform. I got my start in the FinTech industry years ago and from 2010, I occupied various top managerial positions at Forex Club/Libertex which has a presence in 45 countries around the world. While working at Forex Club for nearly nine years, I also acted as managing director for a Commercial Finance Company which had total assets of $1.96 billion during the first half of 2008.
I would say these positions taught me immense experience in currency risk, international payments, and overall global finance. Prior to my time at Forex Club, I had my own marketing research agency which has since been sold. However, the role taught me the details of market research which I still use today. In fact, I would say crypto loans have a very similar risk management model to that of traditional finance.
Q: What is YouHodler?
A: YouHodler is a blockchain-based financial ecosystem that focuses on crypto backed lending with fiat loans. We provide USD/EUR loans that are secured by collateral in BTC, ETH, XRP, LTC, BCH, and BSV. We plan to add several more coins later on as well. Simply put, we found a way for users to keep their cryptocurrency and get cash to spend on necessary purchases at the same time. We live in a “hodlers market” and our service makes it easier for miners, traders and overall crypto enthusiasts to exist in that space.
Q: Why do you think users are attracted to YouHodler?
I think the fact that YouHodler has bank accounts in E.U. and Switzerland and partnerships with trusted fiat payment providers really helps with our credibility in this field. Furthermore, we have our own, unique secure wallet system that we developed in house as well as integration with leading crypto exchanges.. Our devs are incredibly talented and their knowledge combined with my extensive expertise in currency exchange rate risk management makes for an excellent platform.
Q: What sets YouHodler apart from others in this industry?
We are not alone in this industry and we do our best to set YouHodler apart from our competitors. We have a large number of competitive advantages. I’ll go ahead and list them right now:
- Highest loan-to-value ratio (80%) on the market
- No waiting time to find a match. We are not peer-to-peer. Instantly take out a loan when you need it.
- Lightning fast KYC approval. Verification takes minutes thanks to our combination of automated and manual processing.
- Many lending platforms don’t have a referral program but we have an attractive one. Users can make 5% interest off loans taken from their referral.
- More collateral options than our competitors and the list is growing
- Transparent commission and no hidden fees
- Users can withdraw small amounts ($100 minimum). NEXO, for example, has a minimum of $1,000.
- Payouts and pay-ins have multiple options like bank wire, credit card, and USDT. Our competitors have some of these options but we’re the only one that has all three.
- Users can process loans up to $10,000 automatically (with custom loan amounts available upon request).
Q: What is the market size of the crypto-backed lending industry?
To my knowledge, there is no direct figure I can give you that depicts the market size of the crypto-baked lending industry (except just total market cap. figure, which is currently around $122 bln), but I can tell you from experience that crypto lending platforms benefit from both bear markets and bull markets.
During the bear market, users don’t want to sell their coins but want to get cash to either buy crypto when it’s cheap or pay various expenses. When the market is up, people want to take out a loan to quickly buy more crypto and profit as much as possible. I think the fact that it’s a multi-faceted tool that works in all conditions makes for a healthy industry.
Q: Will YouHodler consider a token sale someday?
A: At the moment, we are fully funded so there is no need for a token sale. Maybe it’s something we would consider in more favorable market conditions.
Q: What’s next up for the YouHodler roadmap and where do you see the company in 2 years?
A: In the coming months, we plan to add even more coins as collateral to our growing list.. The next step is to add more multi-currency tools in addition to existing multi currency withdrawals in EUR/USD using the very best industry EUR/USD conversion rate. In addition, we want to add more instant payment instructions like a prepaid card that will further enhance our platform to make it accessible for those without banks.
In 2-3 years, YouHodler will be a crypto-fiat retail bank (but better!) Of course, we will continue to cooperate with traditional banks but we would like to take crypto-fiat operations to a whole new level. We want to be better than banks and more effective than credit all while following the rules and regulation.
Q: Tell us about the YouHodler team and community
A: As of now we are focused on the EU markets specifically but we are a global platform with clients from over 30 countries. In our interaction with our community, we’ve found they love us most for our mission – to help users keep their favorite investments while still being able to use their value for the things they want.
As for our team, we have a professional and motivated group of individuals with a strong background in IT development and FinTech. I’m excited for the community to meet them all later on.
Thanks for joining us on for this Q&A with CEO Ilya Volkov. We look forward to sharing more articles about our diverse team with you in the future.