An exchange that uses collateralized loans, high-interest rate cost savings, and more aggressive financial investment techniques sees crypto’s security issue as a chance.
A fintech platform is handling the decentralized financing fad with a concentrate on security, stability and responsibility that DeFi platforms, by their very nature, can not match.
“Crypto has a reputation problem and we hope to fix that,” crypto exchange and lending institution YouHodler CEO Ilya Volkov stated. “We want to be as safe and reputable as your local TradFi bank but with an innovative twist that lets users harness the power of blockchain-based financial services.”
Call it TradFi with a fintech twist, as YouHodler uses crypto-collateral loans on 30 cryptocurrencies, an exchange with a fiat off-ramp, high-interest cost savings, and a set of higher-risk, higher-reward financial investment platforms. These are Multi HODL, which concentrates on drawing out make money from market volatility, and Turbocharge, a “cascade of loans” item.
Security is a significant issue– and offering point– for YouHodler, which holds a $150 million pooled criminal offense insurance plan fromLedger Vault The business likewise deals with Fireblocks, a significant crypto custody service.
The dollar stops where?
YouHodler’s most significant function is its strongly proactive technique to security– something it argues can not be had from DeFi platforms without a person who is accountable.
DeFi’s responsibility– or do not have thereof– was made crystal clear in September 2020, when a neighborhood vote reversed a previous vote to compensate MKR holders who were cleared out when the Maker liquidation system stopped working throughout an ether “black swan event” selling loan security for zero-dollar quotes.
The vote, with 65% versus settlement, was believed to be a revolt by Maker “whales” who manage big swaths of tokens, and the ballot power that features it.
“Our team is visible, contactable, and responsible for the platform, unlike DeFi platforms,” the business stated. “When something fails, YouHodler is accountable. Because of that, we are really mindful with our operations and pride ourselves on producing the most safe, most steady platform possible.”
Locking the back entrance
This month marks 2 years given that a vpnMentor report laid out an information breach from YouHodler. It had a big impact on the business at that time.
“Thanks to the error in the news about 86 million clients affected with the leak we’ve got thousands of new registrations on the platform in the next few weeks. Of course, we never had millions of clients, and the number in the news was referred to the lines in the log files which were found by the researchers,” CEO Ilya Volkov stated. “We tried to post an official answer from our side but unfortunately, everybody is interested only in negative news. Moreover, none of our users weren’t affected and the funds were totally secured.”
He included: “The second positive lesson that we learned from 2019 is paranoid security. Since then, we have gone crazy with the protection of the funds of our users. We contracted with a number of cybersecurity firms to provide in-depth penetration tests every quarter, as well as regular web app security tests, and ongoing employee training and awareness evaluations for phishing and other social engineering hacks. The penetration testing involves a survey of the IT infrastructure, analyzing IP addresses and network topology, and scanning perimeter nodes. There is also a review of the applications and system software to identify potential vulnerabilities, followed by threat modeling. In simple words, you will never see the second vpnMentor report about us.”
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