Here we are at the end of yet another amazing year. In this article, we look back at the major milestones that defined the year 2020 for us at SelfKey.
Introducing the SelfKey Loans Marketplace
Learn more about the most recent addition to the SelfKey Marketplace – the Loans Marketplace! In this article we walk you through our newest addition.
We’re excited to announce the newest addition to the SelfKey Marketplace – the Loans Marketplace! The Loans Marketplace adds impressive new functionality to the SelfKey Wallet, as you can now easily compare a number of excellent crypto lending platforms. Wallet users now have access to some of the best crypto lending platforms on the market.
In this article, we walk you through our newest Marketplace and some of the great lending platforms that are listed. Here’s how to get started.
Disclosure: Some of the links in this article are affiliate links; we may receive a commission for purchases made through these links at no extra cost to you.
Getting started on the Loans Marketplace
We specifically designed this process to be as easy as possible for you, the user. Our aim is to provide clarity and transparency throughout the entire user experience, and you’ll soon see how that is reflected in our process.
Step 1: Download the Wallet
The SelfKey Identity Wallet is free, open-source and designed to keep your tokens safe. That being said, it offers a lot more than a simple cryptocurrency wallet. Additionally, it allows you to manage your identification documents and gives you access to the SelfKey Marketplace where you can open bank accounts, incorporate your business abroad, compare crypto exchanges, and more.
Head over to this page and download the wallet on Windows, Linux or Mac OSX. You can also download the SelfKey Wallet on your smartphone by visiting the link above. Whether you’re on your computer or your cell phone, the wallet is free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.
Step 2: Set up your Wallet
Setting up your wallet couldn’t be easier, but it’s a very important step. As a result, it’s vital to make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, SelfKey cannot recover your private key, so make sure you don’t lose this information.
Step 3: Complete your SelfKey ID (optional)
Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your SelfKey ID. This is a collection of locally stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the SelfKey ID, you can reuse the same KYC data multiple times. This means that instead of having to go through many different sign-up processes within the Marketplace, you simply complete your SelfKey ID once and then use it whenever you need it.
While the SelfKey ID is not currently available for the Loans Marketplace, this is a feature that we will be adding in the future. Once it is in effect, if you want to join multiple crypto lending platforms, you simply complete your SelfKey ID once and then use it for all registration processes.
Step 4: Start borrowing or lending
Now that your SelfKey ID is set up, it’s time to head to the SelfKey Marketplace and check out the different crypto lending platforms on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”.
Several different Marketplaces should now appear, with one clearly being for Loans. Click on the button to see a screen similar to this one:
The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!
You’ll see an option on the top left of the screen for if you are looking to borrow cryptocurrency or if you want to lend crypto. Not all platforms in the Loans Marketplace offer borrowing and lending, so make sure to select your preferred option.
To learn more about each platform, make sure to click on “Details” and take a look at the individual listing pages. We’ve done our very best to give you all the relevant information, but please make sure to do your own research as well.
Here you can see an example for one of our exchanges, CoinLoan:
As you will be able to see, information such as platform location, the type of lending platform, interest rates, assets accepted, the collateral needed, what is required to receive a loan and more are all clearly laid out. This way it’s easy to see which platforms meet any criteria you have, and which platforms you are eligible to join.
The Loans Marketplace also has a state-of-the-art loan calculator so you can easily compare and contrast the different crypto lending platforms that are available whether you are looking to lend or borrow. You’ll be able to see which assets are accepted, the interest rates, and more.
Step 5: Sign up
Once you’ve decided which crypto lending platform you’d like to join, simply click on the “Sign Up” button on the top right. From there, you’ll be directed to the platform’s website where you’ll need to register for a new account and follow the instructions they provide. You may need to confirm your identity for KYC purposes, so make sure to have a piece of government-issued ID on hand.
From there, you’ll be guided through the different lending or borrowing options including how long you want your loan to be for, the LTV ratio, how much crypto you want to lend, what fiat currency or stablecoin you want to be paid out in, and more.
And that’s it, you’re well on your way to getting your crypto loan or lending out your crypto!
Featured crypto lending platforms
We have over twenty different crypto lending platforms listed in our Loans Marketplace. While we recommend that you take a look at all of the ones we have on offer, especially since a few offer lending or borrowing, here are some of our featured crypto lending platforms:
Based in Estonia, CoinLoan is a P2P lending platform for crypto-collateralized loans. Since launching in 2018, it has become one of the most popular European crypto lending platforms. With a simple lending process backed by bank-grade security, it’s easy to see why. The platform offers one of the largest choices of cryptocurrencies, fiat, and stablecoins on the market.
CoinLoan’s lending process is simple. Borrowers deposit a specific amount of cryptocurrency as their collateral for the loan. Additionally, the platform is incredibly transparent. CoinLoan offers borrowers the added benefit of being able to preserve their crypto assets with flexible lending conditions, no credit checks, and convenient withdrawal methods.
As for lenders, CoinLoan offers several guarantees. The platform is registered and licensed in the European Union and is, therefore, subject to EU financial law, which offers unparalleled protections for consumers. Repayments are guaranteed, and all transactions are SSL-encrypted. In fact, since opening in July 2018, every lender has received their repayments in full and on time.
One of the few platforms registered in the United States, SALT Lending was one of the first crypto lending platforms to hit the market back in 2016 and has continued to grow ever since. SALT Lending offers P2P crypto-backed loans. Similar to the other platforms we’ve listed, the platform allows users to use crypto as collateral for their loan.
The process for getting a loan is very straightforward. Users can be verified the same day, and don’t need to undergo a credit check. The terms of a loan are completely customizable. SALT Lending also operates in over thirty jurisdictions (including 46 US states), making it one of the most comprehensive when it comes to availability.
With offices in Cyprus and Switzerland, YouHodler is a fintech platform focused on crypto-backed lending with fiat, crypto, and stablecoin loans. The platform offers a high and flexible Loan-to-Value (LTV) rate, which is available at 90%, 70%, and 50%. As a result, users can obtain a higher credit line for a lower deposit. However, it’s important to note that YouHodler does not serve U.S. citizens, as well as citizens of China and Korea.
Another major advantage is that YouHodler offers its users access to instant cash, which is provided by the platform’s fiat-based funds. Unlike P2P crypto lending platforms, there is no need to find a creditor. The platform takes a different approach from most crypto platforms; YouHodler works with the banks instead of avoiding them. This allows YouHodler to partner with trusted fiat payment providers and hold its fiat funds in the most reputable banks in Europe to ensure their safety.
Conclusion – The SelfKey Loans Marketplace
As you can see, signing up for crypto lending or borrowing through our Loans Marketplace is a simple and straightforward process. We encourage you to experience the marketplace for yourself and check out the many excellent crypto lending platforms we have on offer. We’re certain that we’ve got a platform that meets all your criteria!
As always, we advise you to do your own research about any crypto lending platform that you’d like to sign up with. We’ll continue to add more platforms over time, so keep an eye out for new announcements regarding the Loans Marketplace.