Cryptocurrency markets at large have been growing, despite the nightmarish 2018, when bears ate as much as 90% of price values of many digital currencies. Crypto space, in general, has been expanding its reach across various industries, and the adoption spree has shown signs of continuous growth for the current year as well.
Experts have been emphasizing the importance of crypto adoption for market success, but after the last year’s market collapse, crypto adoption has grown to newer heights. Many major industries like healthcare, pharma, entertainment, travel and ticketing, global payments, forex trading, social activities, etc., have embraced cryptocurrencies. Also, several major companies across the globe are now accepting digital tokens as valid payment instruments.
Many big names in traditional business sectors, including billionaire venture capitalist Tim Draper and Tesla Chief Elon Musk, have predicted that cryptocurrencies are the future of the economy, and some have even predicted that cryptocurrencies will cover half of the global economy as early as 2025-2027. This has made crypto companies to find newer ways to expand their adoption for their respective platforms.
Among newer emerging crypto implementations, one of the most popular ones is crypto-backed loans. Cryptocurrencies like Bitcoin, Ethereum, etc. are now considered to be strong assets, especially after the world witnessed Bitcoin peak at several thousand dollars apiece. New start-ups have emerged which are providing loans by accepting cryptocurrencies. One such platform is YouHodler, which is actually taking the game one step ahead.
YouHodler provides loans up to $30,000 against major cryptocurrencies and stablecoins. The platform recently added Dash Coin, which will allow Dash users to access cash against their tokens, without selling them. Crypto loans are a landmark achievement for digital currencies and are expected to give a tough competition to traditional lenders. Inclusion of loans in the crypto space might also compel traditional banks to take inspiration and launch their own crypto lending services.
The announcement came via a tweet from Dash through its official Twitter handle, stating that YouHodler users will be able to back their loans with Dash.
Dash is now active on YouHodler! @YouHodler welcomes #Dash to their crypto backed loan platform. Dash users are now able to back their loans with Dash! #youhodlerdash #payments #fintechhttps://t.co/0l9K4EuoGq pic.twitter.com/BeKEcahsRl
— DASH (@Dashpay) April 23, 2019
Dash Coin is one of the largest and most trusted cryptocurrencies. The platform has been among the leading tokens to be used as collaterals for a loan. Before YouHodler, Dash was also listed as accepted collaterals on the SALT Lending earlier this month, another crypto lending platform.
Crypto companies are taking giant strides in terms of crypto adoption. Though space is heavily dominated by Bitcoin and Ethereum, newer currencies including Ripple (XRP), Stellar (XLM) and SwiftCash (SWIFT) are pushing boundaries and capturing unexplored grounds. However, such currencies are not valuable enough to be accepted as collaterals for a loan.
Though crypto adoption for general purposes like making payments, paying bills, etc. can be down with lower value tokens, the high-value transaction cannot. Therefore, coins which are valued substantially, say over $100 apiece, can be used for high-value purposes like loan collaterals. Therefore, it is safe to expect that the trend will continue in favor of Dash Coin.