SALT Loans are Live!
SALT is a new company that lets you leverage your blockchain assets to secure cash loans. This allows crypto investors to secure loans without selling their Bitcoin!
“We make it easy to get money without having to sell your favorite investment.” SALT
On December 27 SALT announced that their loan services went live.
“We have issued initial loans to a small group of members and we expect to have originated over $10m in loans by the end of this year. Our platform will continue to be rolled out in stages to ensure quality and security as we scale to meet the extraordinary demand for loans. We are excited to extend the application process to all of our community and expect to have between $50m and $75m in active loans by the end of January 2018.” SALT
The SALT Lending Platform allows holders of blockchain assets to leverage their holdings as collateral for cash loans. SALT is the first asset-backed lending platform to give blockchain asset holders access to liquidity without them having to sell their tokens. SALT provides investors with an opportunity to lend against a high-growth asset class.
“SALT is traditional lending secured by non-traditional collateral.” SALT
How Does Salt Loans Work?
The loan process in actuality is a little bit more complex but it can be broken down into three simple steps.
- Loan Creation – A borrower sends collateral to the SALT collateral wallet and funds are transferred to the borrower’s bank account. Collateral remains the property of the borrower and any price appreciation or depreciation belongs to the borrower.
2. Loan Repayment – A borrower makes timely, periodic payments to the lender.
3. Loan Completion – Upon repayment of the loan, the borrower’s collateral is returned.
SALT Lending has an ERC-20 token which trades under the symbol SALT. Each SALT is representative of a membership to the SALT Lending Platform. The company also announced that they will temporarily allow users to repay loans using SALT.
“As a thank you to our community, we will be allowing members to repay both their principal and interest with SALT (valued at retail price) instead of US dollars.”
Read more about SALT