SALT Loans on Bitcoin/Ethereum Holdingsbr>
A blockchain-based loan platform that allows investors to leverage their bitcoin and ethereum holdings is now in its pre-launch period.
SALT (an acronym for Secured Automated Lending Technology) is a tech company that has created a lending platform that allows bitcoin and ethereum to be used as collateral for cash loans in various national fiat currencies through a network of lenders. The full platform is expected to bow later this year.
CEO Shawn Owens explains: “We’re taking lending, a part of the economy that everyone is familiar with, and building a standard contract that helps automate some of the processes. Our initial launch is allowing people who own blockchain assets to be connected with traditional currencies and lenders, whether that’s institutional, private equity or banks.”
The platform acts as an escrow system with lenders and interested parties. “There’s still a lot to build, but we want to build a brand to make our claim,” said Owen. The initial focus will be adding more liquidity and expanding into the market.”
SALT is working with a number of companies to secure the collateral and structure the smart contracts. Right now, businesses are its focus during the pre-release period. But eventually, says Owen, consumers could be a part of the universe. “It’s easier for us to bring on larger players, say, a fund that wants to put $10 million to work. We’ll get to that (consumer) place, but we’re not there yet.”
The company makes its money by selling its technology to others through memberships, taking a percentage of transactions, and licensing. Membership to this new lending platform is built on industry-standard ethereum ERC 20 smart contracts.