Figured I share a couple of observations regarding current state of crypto lenders:
Bear market: CeFi wasn't built for crypto winter
Near competitor liquidation/insolvency: this is the contagion effect. We have seen this w/ Celsius, 3AC, Bancor, Vauld, Voyager.
Increase in customer complaints: this is all over Reddit w/ lending platform customers complaining that they cant access their accounts, takes days to get a response, changing terms and conditions
Bank run: this includes indications others are pulling their token off the lending platform, you don't want to be the one holding the bag
Questionable business practices: a lot has come out lately about corruption regarding Celsius leaders and I've been seeing the same about Nexo leaders, including a co-founder taking off with $61M.
This is something I feel worth sharing and I'm curious to hear your opinions as well. Please keep it civil and constructive, if possible.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments