Blockchain

YouHodler introduces metaverse-backed loans including Decentraland and The Sandbox

Swiss-based fintech firm, YouHodler, is finally welcoming the metaverse to its platform after listing Decentraland (MANA), The SandBox (SAND), Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA) as available assets on the platform. Users will be able to use these metaverse tokens as collateral to take up crypto-backed loans, stake them, and save them too. 

YouHodler, a EU-registered fintech firm, focuses on offering users crypto-backed lending services,  stablecoin loans, crypto exchange, crypto savings accounts, and crypto trading. With the introduction of the metaverse-based coins users have a wider array of assets to stake including the virtual land and building on platforms such as Decentraland and The Sandbox – adding to the native tokens themselves. 

“Web3 and the metaverse represent the next iteration of the internet. At YouHodler, we want to help our clients utilize their crypto in a positive way instead of just buying and holding,”  YouHodler CEO Ilya Volkov. “Hence, we feel offering new tokens such as these give our clients access to the metaverse’s potential combined with our innovative digital asset tools.”

According to the team’s statement, the metaverse tokens will be available to buy, sell, trade, save and lend on YouHodler. Additionally, for a limited time, users will have an opportunity to earn interest rates of 25% – 30% APR for these new tokens. This promotion feature will last for one month from the listing of the tokens, and subsequently be reduced to the normal 3% compounded APR. YouHodler currently features interest rates as high as 12.3% for some stablecoins.

The metaverse has always been appreciated in the crypto world for over half a decade but it recently caught the attention of the mainstream population following Facebook’s interest in creating their own metaverse platform, Meta. This concept allows users to virtually meet, socialize, shop, and even work using avatars. Unlike a video chat with friends, the metaverse is always there for users to enter and exit at will. 

YouHodler app can be downloaded on Android, iOS, and a web application available on YouHodler.com.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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