Crypto Platform Uphold Brings Crypto Lending Services To Its Users With Salt Partnership

Blockchain, News | December 16, 2019 By:

Cryptocurrency platform Uphold and crypto-backed loan provider SALT have announced a partnership to provide Uphold users with seamless cash or stablecoin loans from SALT using cryptocurrencies as collateral.

Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. The company has powered more than $5 billion in transactions across 184 countries, covering over 50 currencies and four commodities and the platform has more than 1.65 million users.

SALT offers a peer-to-peer lending platform that allows cryptocurrency holders to use their cryptocurrencies as collateral for loans. Since launching the platform, SAlt has over 70,000 loans and has funded over $50,000,000 in those loans. The platform is available to residents of Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine, among others.

The goal of the partnership is to add value to cryptocurrency holders by granting them more flexibility and options to leverage their holdings while fostering the adoption of blockchain technology. Uphold users will now be able to secure loans through SALT in as little as 24-hours against their holdings in bitcoin, Ether, Litecoin, Bitcoin Cash, Dash, and XRP. Uphold users can customize their loan by choosing their preferred loan type, loan amount, duration, and Loan-to-Value (LTV) ratio with options ranging from 30%-70%.

“SALT has given its users the flexibility to access loans using their cryptocurrency holdings,” said Robin O’Connell, Chief Revenue Officer, Uphold. “Our integration with the SALT platform allows us to grow our service offering and provides another real-world use case for Uphold members.”

SALT has also integrated Uphold wallets into its platform to allow its large and rapidly growing user base to access Uphold’s products through their dashboard. The integration streamlines the lending experience for shared users through seamless collateral transfer and loan proceed payouts.

“Uphold has built an impressive platform that provides a seamless on-ramp into the digital economy and a simple method to transact across diverse asset classes. We’re excited to bring our leading crypto-credit products to Uphold’s global customer base and enhance our borrower experience through a direct integration with Uphold wallets on our platform,” said Jarrett Abraham, Director of Corporate Development, SALT. “Together, we’ll provide ultimate flexibility for crypto holders who need access to liquidity across a range of crypto assets and fiat currencies. This is an exciting strategic partnership for us that helps further our mission to accelerate the world’s ability to embrace crypto assets and participate in the token economy.”