What is Salt (SALT)?
SALT Lending offers customers loans backed by the blockchain. This platform allows users to take advantage of many of the same features they would expect from a financial institution dealing with fiat currencies, such as loans, but with cryptocurrencies. With SALT, users get to hold their assets and get cash. Essentially, SALT allows you to leverage your assets on the blockchain to get cash loans. This way, you can get fiat money without having to sell any of your cryptocurrency investments.Buy Salt (SALT) India with BuyBitcoin
How Does Salt (SALT) Work?
You sign up through SALTLending.com, then move through the application process. SALT streamlines every step of the loan. The company simplifies the application process by focusing on the value of the borrower’s blockchain assets – not their credit score.
Let’s say you have a lot of Bitcoin and Ethereum, but can’t get a good traditional loan because of a low credit score. You could turn to a platform like SALT Lending, where your low credit score has no effect. As long as you have cryptocurrency that can be used as collateral, you’ll be able to access cash.
SALT Lending doesn’t function as a bank. Instead, it connects lenders with borrowers. Borrowers are automatically matched with capital from an extensive network of lenders. SALT keeps collateral assets safe in a fully-audited, ultra-secure architecture throughout the life of the loan, allowing members to borrow with confidence.
The entire transaction is secured with smart contracts on the Ethereum blockchain.
The application is designed to be as fast and easy as possible, with no credit checks along the way. The only real step you need to take is to buy SALT tokens, which are ERC20 tokens on the Ethereum blockchain. SALT tokens allow you to purchase a membership on the SALT lending platform.
Once you’re a member, you can participate in the company’s lending system. Although SALT Lending doesn’t conduct credit checks, the company does require AML/KYC verification.
As soon as you pay back your loan, you’ll regain control of your cryptocurrencies. There are no early repayment penalties.
SALT team & progress
The SALT team is over 15 members strong and is led by Shawn Owen as CEO. Owen is a serial entrepreneur with years of experience in hospitality operations. The most notable member of the SALT team is one of their advisors, Erik Voorhees. Voorhees is the founder and CEO of ShapeShift – one of the most popular crypto-to-crypto exchanges.
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SALT reached a big milestone this January by officially beginning to provide loans for top-tier members. The platform already has almost 50,000 members and has funded over $7,000,000 in Bitcoin and Ethereum backed loans.
This year, the team is planning on launching credit cards, creating loan funds, and expanding collateralization to other alternative coins as well.
The SALT lending platform is a great option if you want/need to make some real-world expenses and don’t want to lose the potential gains from your crypto holdings. Beyond that, the project works to solve a major problem of blockchain assets – illiquidity. By opening up an entirely new form of loans, the project brings more liquidity to the cryptocurrency market.
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