This Blockchain Token – What is it? is about SALT, a lending platform that lets individuals and companies get access to liquid capital by using their crypto assets as collateral. So, What is SALT? Check out the video, or read more about it below!
SALT is a lending platform that lets you get cold hard cash for your cryptocurrencies. Secured Automated Lending Technology, or SALT for short, lets individuals and companies get access to liquid capital by using their crypto assets as collateral. The cash can be directly deposited into your bank account without the need to sell off your crypto assets. SALT facilitates smart contracts between borrowers and lenders that offer cash loans for competitive interest rates. And the best part? No credit check needed! Once the loan and interest are repaid in full your crypto is unlocked for you to do with as you please.
Why would you want to take out a crypto-based loan?
Good question! It gives you access to cash when you need it, and it let’s you maintain the long term position of the crypto you hold. This also lets you offset tax events, such as from selling, and avoid fees from exchanges.
A word of warning, unlike banks and traditional loan system, SALT is completely unregulated. It operates on trust. The smart contract between the borrower and lender is the only way to police the transaction. That’s the trade off for lower interest rates and no credit check.
If you default on your loan, your crypto assets are given to the lender. Simply put, you lose your collateral.
Based in Colorado, the SALT Leading team is made up of banking professionals and tax experts. They are one of the few organizations in the crypto scene that are established as an incorporated business. Along with a round of seed financing, the board and advisers have personally contributed funds to the project. Their first test blockchain-backed loan was issued in March 2017, and since their launch earlier this year in 2018 SALT lending has funded over $30,000,000 in loans.
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