Crypto-Backed Lending Platform SALT Expands To 20 US Statesbr>
Crypto-backed loan provider SALT Lending has expanded its services into 20 new US states, increasing its total reach to 35.
Launched in June 2017, SALT — an abbreviation of Secured Automated Lending Platform — offers a peer-to-peer lending platform that allows cryptocurrency holders to use their bitcoin and ethereum as collateral for loans. The company’s “Hold Your Assets, Spend Your Cash” model provides access to liquidity for cryptocurrency holders looking to fully realize the power of a new asset class without reducing their holdings. Since launching the platform, SALT Lending has issued over $50 million in asset-backed loans to borrowers.
The platform is now available in 35 states, including Connecticut, Washington DC, Florida, Illinois, Kansas, New Hampshire, North Carolina, Ohio, Oklahoma, Alabama, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.
The company said it will continue to pursue compliance in all remaining US states to create greater access for borrowers.
“This news effectively gives our platform a 60 percent increase in lendable areas,” stated Bill Sinclair, CTO and interim president and CEO of SALT Lending. “It is our goal to operate in all 50 states by the end of 2019, barring any regulatory challenges.”
In conjunction with this expansion, the company has overhauled its platform, offering users a broader, faster and more efficient member experience consistent with traditional banking entities. The newly enhanced platform includes a revised dashboard, intuitive tools for a seamless borrowing experience, faster processing of transaction requests, near real-time (NRT) collateral, and loan status monitoring.
The company also introduced a Proof of Access (POA) program that allows members to modify their loan conditions using the firm’s own SALT token. By staking higher quantities of SALT Membership Units on the platform, members can secure more favorable borrowing interest rates as low as 12 percent.
“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,” Sinclair said.