YouHodler Month in Review: June 2020
The Serbian poet and philosopher Dejan Stojanovic once said that “based on the law of probability, everything is possible because the sheer existence of possibility confirms the existence of impossibility.” At YouHodler, we use the law of probability in our data-driven approach to analyze our features, improve upon them, and then reduce the possibility of any error in the future. As a result, we’re always upgrading our platform to better serve our clients and improve their possibility of success.
What does any of this have to do with a blog post? Well, in June 2020, YouHodler proved anything is possible with a large list of amazing and positive news that makes the platform better than it’s ever been. Let’s review.
Goldman Sachs (Unintentionally) promotes Bitcoin
June 2020 started off hot with a controversial report from the Wall Street titan Goldman Sachs. In their private call to clients, of which the contents were later leaked, the company recommended to avoid cryptocurrencies altogether and instead opt for stocks and gold. Many thought this negative opinion would lead to a bearish trend in the crypto market but as the law of probability states, any outcome is possible in any given situation. This outcome ended up being a positive one with the crypto market responding greatly to Goldman Sachs. A symbolic rebellion against the world of Wall Street.
One key takeaway from their report, however, was on the topic of gold, something that YouHodler clients began to embrace heavily in June 2020.
Clients discover 3 new ways to use gold on YouHodler
Since adding Pax Gold (PAXG) to our platform, the YouHodler community has really embraced this gold-backed stablecoin. Perhaps it’s the uncertain economy, the sheer innovation of the technology, or a little bit of both. What’s more important is how we can teach you to utilize this wonderful asset to your advantage. We developed three great ways to use PAXG on YouHodler such as:
1. Earning interest on gold (PAXG)
2. Trading gold against Bitcoin with Multi HODL
3. Multiplying fiat or stablecoins via PAXG/BTC
For more details, check out the full article here.
The Gold Standard: What the History Books Don’t Teach You
While we’re on the topic of gold, YouHodler decided to do a deep dive into the history of this precious metal and the results are quite surprising. It’s an important history lesson to know, especially in times of a global recession like today. Learning the history of gold will help you decide how to better prepare your financial future and also open your eyes to a new digital version of gold on YouHodler. You can read the full article right here
Multi HODL Tips and Tricks for Active HODLers
As we have discussed many times before, Multi HODL is all about finding the perfect balance of asymmetrical profit and risk in your portfolio. It’s a tool that helps users literally play with the law of probability and essentially manipulate their levels of profit. In Multi HODL, anything is possible in relation to the crypto market and we’ve designed a few key tips for users new to the feature. It’s a feature unique to YouHodler and you won’t find it anywhere else so take some time to explore it now if you haven’t already done so. The more you experiment with it, the more you can improve your chances of success.
YouHodler Introduces Ledger Vault's Advanced Custody and Security Options to the Platform
After much anticipation from our community, we are proud to announce that YouHodler is incorporating Ledger Vault’s technology into the platform which will produce advanced custody options for all users. Providing the absolute best level of security and insurance has always been a top priority for us and now, it’s a reality with the addition of a secure cryptocurrency solution to custody digital assets.
With Ledger Vault, YouHodler:
- Avoids the risk of a hack: All cold wallet private keys are isolated, stored, and encrypted within a hardware security module, and are never directly handled by day-to-day operators.
- Reduces risk of human error: Key usage for signatures is strictly controlled by the strong governance rules. The access to the Vault is distributed among different managers with different functions and access rights and mandatory multi-signature principles.
- Maintains a level of systems flexibility and instant access to funds. This is possible because of a combination of both hardware and software solutions.
- Still has an independent security system: Ledger never holds YouHodler’s keys or its managers. A backup recovery mechanism ensures we can independently recover our funds at any time without needing to use the platform.
The system has no limits for scalability. Check out our blog for the full announcement.
In 2019, Ledger Vault teamed up with the leading broker and risk advisor (Marsh) and one of the leading underwriters of crypto-asset insurance, Arch UK Lloyds of London syndicate to build what is now a customized program for Vault clients. As a result, YouHodler now has access to Ledger Vault’s crime insurance program that insures crypto assets for up to $150 million including against YouHodler employee theft caused by collusion and third-party theft of private keys/master seed in the event of a physical breach of hardware security.
YouHodler and Elliptic Partner to Reinforce Security on the Platform
Another big announcement this month was the partnership for the world’s leading provider of cryptocurrency asset risk management solutions. Elliptic will assist YouHodler in wallet screening abilities to enhance safety, transparency, and confidence for all clients on our diverse platform.
Using Elliptic Lens and Elliptic Navigator, YouHodler can closely analyze the various crypto transactions on the platform in order to protect our users from a variety of criminal acts like fraud schemes, terrorist financing, money laundering, and sanctions evasion.
“Our evolving industry is constantly looking for new ways to stay ahead of criminal activity. With Elliptic setting the global standard in their given field, we’re confident YouHodler can work with them to prevent, detect and pursue all illicit behavior on the platform,”
said Ilya Volkov, CEO of YouHodler.
Fiat deposits now become quicker and easier with AdvCash payment system
As of this month, depositing funds to the YouHodler platform just got a whole lot easier. With the new AdvCash integration, users can easily top up their account with AdvCash wallets. Backed up by over 20 years of experience in international finance, and partnered with some of the biggest names in crypto (e.g. Binance), ADV is a stable payment environment you can trust. We hope our users enjoy this new convenient solution.
Read our new Help Desk article here to learn more about this feature and receive step-by-step instructions on how to deposit.
YouHodler’s June “Ask Us Anything” was a success
Last week, we hosted another webinar and “Ask Us Anything” session. Here, attendees caught a glimpse into “Multi HODL 2.0” in addition to a variety of new platform features and company news from our CEO, Head of Product and Editor-in-Chief. After that, we opened the floor to audience questions and you guys really had some good ones. We were thrilled to answer so many intelligent questions from our community and it warmed our heart to see many of you take an interest in the finer details of the platform.
For those of you who missed it, you can watch the webinar in its entirety here on YouTube.
YouHodler gets official Swiss pawnbroker license and Swiss SRO affiliation
June was a huge month for our Swiss entity. Within the span of a week, YouHodler SA was granted with an official pawnbroker authorization from the commercial police in the Canton of Vaud, Switzerland. This allows us to operate as a Swiss collateralized loans provider. On top of that, we cross another important milestone. YouHodler is now approved as a member of the Self Regulatory Organisation (SRO) and we are now authorized to operate as a financial intermediary. As a result, a full Swiss launch is right around the corner so if you are a Swiss customer, stay tuned. We’ll be onboarding you very soon!
What will July bring? The law of probability tells us good things
As we evolve, we keep learning and keep enhancing the probability for success. Each day is an improvement on the day before and we aim to always learn from the past to make the future have a better statistical outcome. Our clients use this same philosophy with Multi HODL and other various actions on the platform. Cryptocurrency is all about experimenting and finding that perfect balance of risk and profit to make probability work in your favor more often than not.
In June, everything certainly worked in YouHodler’s favor and we hope to continue that trend again in July. See you there!