Crypto-Backed Loan Provider SALT Expands to 35 US States

Neutral Crypto-Backed Loan Provider SALT Expands to 35 US States

Cryptocurrency-backed loan provider SALT Lending announced it has expanded into 20 new U.S. states on Wednesday.

The firm, which allows users to borrow cash against their cryptocurrency holdings, is now available in 35 states, including Washington D.C.

Also revealed today is a new tech platform for SALT clients, which the firm says includes updated tools for borrowing funds and faster transactions, as well as a new member loyalty program.

The firm's chief executive, Bill Sinclair, who took up his post last month, told CoinDesk that the process of expanding to new states is complicated, and that the company's legal team has been working with regulatory experts to ensure that the loans it provides fall within each state's individual laws.

"SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered," he said.

As such, the platform is newly available to residents of Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine, among others.

The company is currently moving its current users to the new platform, Sinclair said, adding that, for the rebuild, "we started with some key community leaders and worked their feedback into the nuances of our technology."

"The first borrowers to get loans in the new system were those who previously applied in areas in which we were not approved to lend and were still interested in a SALT loan," he said.

To further attract new members and retain existing clients, the startup today also unveiled a new member loyalty program. Called Proof of Access, the scheme lets customers modify their loan conditions using the firm's own token (also called SALT), according to Sinclair

New clients become members by depositing at least one SALT token onto the company's platform, and can then stake their tokens to adjust their loan interest rates.

Sinclair said the firm plans to continue developing its platform, and in the future plans to introduce micro-loans and qualified custody products, alongside international expansion.

SALT will also be looking at adding new blockchain tokens to be used as collateral, he said, explaining:

"As blockchain assets continue to grow in abundance and popularity, technology will need to pivot accordingly. ... Opening doors for our potential borrowers who may have selected different investments than bitcoin and ethereum will be a key differentiator for SALT in the future."

Salt mounds image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

08/08/2018 / 12:00:22 Source: coindesk

News | Loans | SALT | Breaking | | Other
BTC
1 BTC=$5,553.66
XRP
1 XRP=$0.4679
ETH
1 ETH=$178.69
XUC
1 XUC=$3.47
BCH
1 BCH=$369.55
EOS
1 EOS=$4.68

News Feed 50

Ccn Neutral - Moscow Residents are Slowly Warming to Crypto Payments: Study read more.
11/15/2018 / 20:09:59
Bitcoin.Com Neutral - Coinbase Ventures Backs Home Crypto Mining Startup Coinmine read more.
11/15/2018 / 20:05:32
Bitcoinist Neutral - Bitcoin Miner ‘Canaan Creative’ IPO Will Not Happen in 2018 read more.
11/15/2018 / 20:00:33
Newsbtc Neutral - European Central Bank Exec: Bitcoin is the “Evil Spawn of the Financial Crisis” read more.
11/15/2018 / 20:00:16
Themerkle Neutral - Is the Bitcoin Cash Fork Having a Negative Impact on the Crypto Space? read more.
11/15/2018 / 19:57:51
Trustnodes Neutral - BCH Races Ahead as Roger Ver Saves the Day read more.
11/15/2018 / 19:54:24
Cryptoinsider Neutral - Interview: Anthony Lusardi (ETC Cooperative) on the uniqueness of Ethereum Classic read more.
11/15/2018 / 19:50:56
Cryptoglobe Neutral - BitGo Adds GUSD (Gemini Dollar) read more.
11/15/2018 / 19:30:00
Ccn Neutral - Bitcoin Cash: ABC Futures Cross $300 in Hard Fork Aftermath read more.
11/15/2018 / 19:25:41
Bitcoin.Com Neutral - Hash Wars: The Bitcoin Cash Hard Fork Has Begun read more.
11/15/2018 / 19:08:29
Themerkle Negative - Bitcoin Price Watch: Currency Falls to Its Lowest Point in A Year read more.
11/15/2018 / 18:57:43
Cryptoglobe Neutral - Bitcoin Cash (BCH) Fork Makes Bitcoin Mining More Enticing - For Now read more.
11/15/2018 / 18:55:47
Cointelegraph Neutral - After Yesterday’s Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum read more.
11/15/2018 / 18:53:00
Cryptonewsreview Neutral - Bitcoin Cash fork goes ahead, ABC side is early front runner read more.
11/15/2018 / 18:49:28
Blokt Negative - Bitcoin’s Market Cap Falls Below $100B, Mirrors Crypto Market’s $27.5B Decline In Just 11 Hours read more.
11/15/2018 / 18:44:49
Livebitcoinnews Neutral - Market Value of Bitcoin Falls Below $100 Billion, First Time Since October read more.
11/15/2018 / 18:30:53
Newsbtc Neutral - How Low Can It Go? Bitcoin Settles Below $5,600 as Altcoins Continue to Drop read more.
11/15/2018 / 18:30:49
Ccn Neutral - Breaking: Bitcoin Cash Hard Forks — BCH Hash War Begins read more.
11/15/2018 / 18:16:06
Cryptoglobe Neutral - Prominent Bitcoin Cash Supporter Calvin Ayre Discusses the BCH Fork read more.
11/15/2018 / 18:15:00
Bitcoinmagazine Neutral - Binance Will Support USDC Trading Starting November 17 read more.
11/15/2018 / 18:11:40
Newsbtc Neutral - IMMO Has Denied Rumors of Collaboration With the Rothschilds, and That Is Why We Are Now Surer Than Ever read more.
11/15/2018 / 18:10:38
Coindesk Negative - Bitcoin Cash Just Officially Split Into Two Competing Blockchains read more.
11/15/2018 / 18:05:54
Bitcoin.Com Neutral - Canaan’s Hong Kong Listing Plans in Limbo read more.
11/15/2018 / 18:05:41
Cointelegraph Neutral - European Central Bank Exec Calls Bitcoin the ‘Evil Spawn of the Financial Crisis' read more.
11/15/2018 / 17:47:00
Cryptonewsreview Neutral - Markets wait with trepidation as Bitcoin Cash fork nears; Bitcoin price hit another 2018 low read more.
11/15/2018 / 17:31:46
Cryptoglobe Neutral - LIVE: Here’s What’s Going on at the Time of BCH’s Hard Fork read more.
11/15/2018 / 17:20:11
Cryptopotato Neutral - #Ethereum Price Analysis Nov.15: Will Support Hold? read more.
11/15/2018 / 17:12:00
Cointelegraph Neutral - Russia: Sberbank CEO Says Industrial Scale Blockchain Adoption Is 1-2 Years Away read more.
11/15/2018 / 17:08:00
Newsbtc Neutral - BitMEX CEO Accurately Called $5,000 Bitcoin in August, Is $2,000 Next? read more.
11/15/2018 / 17:00:56
Bitcoinist Neutral - Ripple (XRP) Overtakes Ethereum as Second Biggest Crypto By Market Cap read more.
11/15/2018 / 17:00:48
Coindesk Neutral - This Bitcoin Skeptic Wants to Make ‘Stable’ Cryptos for Venezuela read more.
11/15/2018 / 17:00:41
Cryptoglobe Neutral - IMF's Deputy General Counsel: Asian Countries Are Eager to 'Unlock Benefits' of Fintech read more.
11/15/2018 / 17:00:00
Ccn Neutral - Bitcoin Cash Hard Fork: How Did We Get Here? read more.
11/15/2018 / 16:59:55
Themerkle Neutral - Bitcoin Unlimited vs Bitcoin ABC vs Bitcoin SV – Node & Economic Support read more.
11/15/2018 / 16:53:55
Cryptoinsider Neutral - Without SWIFT, Iran turns to crypto read more.
11/15/2018 / 16:50:23
Bitcoin.Com Neutral - Canadian Court to Take Custody of Quadrigacx Funds, NYDIG Gets Bitlicense read more.
11/15/2018 / 16:35:12
Cointelegraph Neutral - Bitcoin’s Breakdown Will Take ‘Weeks, If Not Months’ to Rebound, Says Fundstrat Analyst read more.
11/15/2018 / 16:33:00
Trustnodes Neutral - The Bitcoin Cash Hardfork is Now Imminent read more.
11/15/2018 / 16:31:28
Cryptoglobe Neutral - Bitcoin Cash SV Supporter CoinGeek Hit With DDoS Attack Ahead of Hard Fork read more.
11/15/2018 / 16:30:45
Livebitcoinnews Neutral - Could Increasing Costs Make ICOs Too Expensive for Startups? read more.
11/15/2018 / 16:30:26
Coindesk Neutral - Coinbase-Backed ‘Gods Unchained’ Releases Gameplay Trailer read more.
11/15/2018 / 16:23:14
Coindesk Neutral - Police Arrest 8 Over Alleged $68 Million Crypto Pyramid Scheme in Japan read more.
11/15/2018 / 16:00:18
Cryptoglobe Neutral - Canada's Courts to Take Custody of Crypto Exchange QuadrigaCX’s Frozen Funds read more.
11/15/2018 / 16:00:00
Ccn Negative - The Brexit Deal, a Tumbling Pound, and a Ceaseless Crypto Bloodbath read more.
11/15/2018 / 15:58:34
Coinspeaker Neutral - NYDFS Grants Yet Another BitLicense, Now It’s Time for NY Digital Investment Group to Celebrate read more.
11/15/2018 / 15:50:52
Coindesk Neutral - Ahead of Bitcoin Cash Fork, Hash Power Still Favors SV Camp read more.
11/15/2018 / 15:40:38
Cointelegraph Neutral - Ohio Congressman Wants to Allow ICOs to 'Sidestep' Securities Laws read more.
11/15/2018 / 15:40:00
Financemagnates Neutral - OKCoin is Expanding to Argentina read more.
11/15/2018 / 15:34:56
Cryptoglobe Neutral - #EOS Price Analysis – November 15 read more.
11/15/2018 / 15:30:00
Blokt Neutral - ICON Foundation Addresses the Community in New Blog, Highlights Efforts in Communication read more.
11/15/2018 / 15:29:58
Negative
3.3%
Neutral
95.2%
Positive
1.4%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.