SALT Lending is one of the top lending platforms in the cryptocurrency space. Members residing in the U.S. have access to cash loans by leveraging on their digital assets as collateral. The company uses a Secured Automated Lending Technology (SALT) protocol which is designed to grow as blockchain assets continue to grow. The platform has made some remarkable strides since its launch in June 2017. They have been able to issue over $50 million in asset-backed loans, as well as build a base of over 70,000 members.
SALT announced that it has expanded operations to 20 more states in the U.S. This brings the total number to 35. The new states include Washington D.C., Connecticut, Florida, Wisconsin, Illinois, North Carolina, Kansas, New Hampshire, Ohio, Alabama, Indiana, Oklahoma, Idaho, Texas, Iowa, Maine, Louisiana, Maryland, Nebraska, Michigan, Rhode Island, Vermont, Tennessee, Virginia, and West Virginia.
There are over 16 million people in the U.S. holding cryptocurrencies. And considering how unpredictable the market is, an investor may not want to pull out of the market if the prices are down. SALT’s mantra is “Hold Your Assets, Spend Your Cash”. So, instead of selling your cryptocurrencies in order to meet an urgent need, you can use them as collateral to access blockchain-backed cash loans. This model provides liquidity to crypto holders who do not want to reduce their holdings.
SALT Lending is working towards expanding to all 50 states by the end of 2019. This will expand the market base of the company and give greater access to borrowers. CEO and CTO of SALT Lending, Bill Sinclair noted that “this news effectively gives our platform a 60 percent increase in lendable areas… It is our goal to operate in all 50 states by the end of 2019, barring any regulatory challenges.”
In addition to expanding to more states, the company also introduced an updated version of their lending platform. The update boosts of a broader, faster and more streamlined member experience, which is similar to what is obtainable in traditional banking systems. The platform includes a revised dashboard, intuitive tools for borrowing, near real-time (NRT) collateral, faster processing of requests, loan status monitoring, a staking slider to reduce the interest of the loan, and a Proof of Access (PoA) function.
The PoA function (where available) allows members to secure loans at more favorable interest rates. Rates could go as low as 12% if they stake higher quantities of SALF Membership Units on the platform.
Sinclair also added that: “With our operating advancements and technological enhancements, we have made yet another sizeable leap to grant more banked and unbanked people access to leverage their blockchain assets to accommodate the need for traditional fiat-based transactional living.”
Will you be willing to use your crypto assets as collateral to receive a cash loan? Let us know in the comment section.