Crypto lending has been one of the most prominent activities in crypto markets. The activity has developed over the years with several crypto lenders emerging to meet the demand for crypto loans.
Centralized crypto lending platforms (CeFi), such BlockFi, Celsius, and Nexo, offer high-yield products to users. By depositing crypto funds into these products, users receive high-interest payments. However, with recent turbulence in the crypto markets and challenges in their business models, centralized platforms are contending with problems that highlight the riskiness of depositing funds in crypto lending apps.
Celsius is the latest example. The crypto lending platform recently announced it would suspend all customer withdrawals for users. This has fueled controversy in an already battered crypto market.
In the interest of protecting your funds, you will learn what risks you should evaluate before using centralized crypto lending platforms.
Troubles at Celsius highlight risks of CeFi...
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