The crypto market took a break from its bullish behavior throughout July but YouHodler still had new features and updates that make the platform better than ever. This month saw the community-inspired Turbo Loan feature get a facelift as well as the official release of YouHodler’s brand new mobile application. Aside from product releases, YouHodler prevented a security risk and celebrated a 100% approval rating from clients.
YouHodler started the month with a new featured called Turbo Loans. After recognizing an interesting pattern with clients taking a “chain of loans” to multiply their crypt assets, YouHodler decided to construct a new option that automates the entire process in one click. After two weeks in Beta, YouHodler used client feedback to streamline Turbo Loans and make it more efficient for users.
Now, Turbo Loans is a completely separate feature from traditional loans and users can customize how many loans they want to have in their chain of loans (minimum of three loans and a maximum of five loans). The main benefit of Turbo Loans is to help clients get more crypto without having to spend money or freeze additional funds, much like futures contracts or options. For example, by turbocharging 1 BTC, a client can get close to 4 BTC held in his/her position. In a case where the market grows 10, 20, 30 or even 50%+, the customer will repay their original crypto plus an amount of additional collateral holdings and receive significant profit.
The end of July saw YouHodler release it’s first version of a mobile app for iOS and Android devices. The app is a streamlined, user-friendly interface that lets users simply deposit and withdraw funds into secure wallets, manage loans, view account activity history and more. All crypto/token wallets (BTC, ETH, XRP, XLM, LTC, BCH, BSV, DASH, EOS, BAT), fiat wallets (USD, EUR) and stablecoin wallets (USDT) are available.
For those with limited access to computers, this mobile app will make it much easier to monitor loans and operate crypto funds. YouHodler states this is the first version of an evolving app that will soon add more features like identity verification and full cycle of loan management.
On July 5, 2019, one of YouHodler’s logs servers experienced an error. We would like to thank security research firm vpnMentor for picking up the error and writing a report saying “86 million YouHodler clients were temporarily exposed by this event”. Fortunately, the exposure was a very brief one and our engineers were able to fix the server.
The logs did not contain sensitive information and no one was affected. As a result of this, several media publications picked up the story with exaggerated claims included. Here is our statement on the matter featuring the real data and true outcome of this event:
Since officially joining the external dispute resolution service, the Blockchain Association on December 5, 2018, we are pleased to announce YouHodler has received zero complaints from our clientele. This is a rare feat in the digital currency industry, so congratulations to all the team at YouHodler and keep up the good work with supreme client relations.
Even with this clean record, the Blockchain Association will still work with YouHodler to provide high-quality and efficient external dispute resolution to all those who need it.
Want to use the value of your crypto collateral without repaying your loan? That’s where the newly released “Close Now” feature comes in. To start, simply navigate to the “My Loans” section of an opened loan and click the “Close Now” button. For just a 1% fee, YouHodler will automatically sell the collateral on the opened loan and use the profit to repay the expenses on the opened loan. If there are any leftover assets from the transaction, they will be sent to your personal wallet.
In addition, there is also a “re-open” feature (available upon special request only). If the request is accepted, then a "reopen" button will appear next to any loans that have 3 days left until expiration. After clicking the button, the user will see the new terms for your loan. Users will have to pay a nominal fee for the used days +1% service fee.
All loan parameters, such as price and LTV will be the same but loan due date will be changed.
For those that have followed YouHodler from day one, then you know we’ve quickly evolved from a mere crypto lending platform to something more akin to a crypto bank. We will continue this trajectory even further in August with a few very exciting features. As always, we cannot give too much away but we can say a little hint. These were features heavily influenced by our community that will increase convenience and usability on open loans and also give users more opportunity to profit.
Thanks for your incredible support during the month of July everyone and we look forward to an even better August!