Blockchain Lender SALT to Allow WAX Tokens as Loan Collateral

Announcements, Blockchain | December 20, 2017 By:

WAX has teamed with FinTech service provider SALT to allow its token holders to use WAX as collateral for cash loans.

WAX is a utility token that is designed to make digital item trading easier and less expensive for both marketplaces and customers, particularly for small and cross-border transactions. Developed by the founders of OPSkins, a marketplace for online video game assets, WAX is designed to serve the 400+ million online players who already collect, buy, and sell. By using its exchange widget, gamers will have access to a worldwide market with blockchain trust and transaction verification. Its initial coin offering (ICO) raised over $80 million from thousands of participants.

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 company makes its money by selling its technology to others through memberships, taking a percentage of transactions, and licensing. Membership to the lending platform is built on industry-standard ethereum ERC 20 smart contracts.

The partnership will allow WAX token holders to keep their cryptocurrency assets, including gaming skins and crypto collectibles, while accessing cash loans on the SALT platform.

“WAX is a groundbreaking project and we’re excited to welcome them as an early user of SALT,” said SALT CEO Shawn Owen. “We created SALT to provide traditional loans secured by non-traditional collateral, and WAX is the perfect example of a community that can benefit from this.”

“36,000 participants joined the WAX token generation event, many of them first-time cryptocurrency users,” said Malcolm CasSelle, President of WAX and CIO of OPSkins. “We’re committed to providing the WAX community the best possible experience, and SALT helps us achieve this.”