Countries worldwide have slowly begun to open their borders, which means summer travel plans might be back on.
YouHodler, the EU-based fintech platform, has announced a Crypto Journey giveaway to help their platform users get back into the travel spirit.
Participants will have the opportunity to win grand prizes, including two round the world tickets from OneWorld Alliance, a 4-month Inspirato pass for hotel subscriptions and a brand new 13” MacBook Pro.
These prizes are in addition to a weekly NFT giveaway from the artist FRAKTALITY. As their digital nature suggests, YouHodler can send NFT prizes to any address around the globe.
Team members from YouHodler share that promotions like this one are a major component of their mission “to connect the traditional finance world with a new digital economy.” The giveaway of NFT's further solidifying the bridge between digital art and physical representations of it.
Lending with fiat
YouHodler is a fintech platform designed for lending backed by cryptocurrency with fiat currencies, including USD, EUR and GBP.
Each crypto loan operates similarly to any other collateralized loan. Borrowers must attain fiat loans in place of their cryptocurrency assets like Bitcoin (BTC) or Ether (ETH). As would happen in a traditional loan, the borrower will receive the loan amount into their account and will later pay an interest amount to the lender. After the borrower repays the loan amount, the lender will release the collateral held as security.
In practice, YouHodler describes itself as operating like a pawn shop. Within the loan process, a temporary sale of cryptocurrency occurs, in which YouHodler will act as the buyer. After a predefined period, users will repurchase the cryptocurrency from YouHodler.
On the reverse side, cryptocurrency investors also have the opportunity to store their cryptocurrencies into high-yield crypto-savings accounts.
Bridging the Gap
Lots of discussions have been made around the connection between traditional and cryptocurrency economies. Many investors have continued to believe that cryptocurrency is just a smart way to diversify an investment portfolio. However, buying the goods themselves (the original intent of bitcoin and similar currencies) is more limited.
YouHodler has continued to offer other promotions -- one of which was a Tesla Model Y giveaway to show that “real world” assets can be purchased with digital currencies.
The YouHodler team shares that “in the next 12 months, this means more promotional campaigns with other unique and valuable prizes” to continue driving “more happy users to the platform” -- all to bring more utility to digital assets.
Ilya Volkov, YouHodler’s CEO shares that “the more utility any coin has, the more value it brings to its users and the entire community.”
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.