Cryptocurrency-Backed Loan Provider SALT Expands into 20 new US States
Crypto-backed loan provider SALT has expanded into 20 new states in the United States, it announced on Wednesday, August 8.
Users from 35 US states, including Washington D.C., can now borrow money from the firm against their cryptocurrency holdings.
The firm also revealed a new tech platform for its users, which includes some advanced tools for borrowing funds and smoother transactions, as well as a loyal program for its members.
Bill Sinclair, the firm’s chief executive, explained that the process of expanding into new states is pretty complicated, but SALT’s legal team has been working with experts in the field to make sure that its loans fall within each state’s laws. He said:
“SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered,”
Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, and Connecticut are some of the states where the residents will benefit from the new expansion by the firm.
Sinclair said that the company is in the process of moving all of its users to its newly-developed platform. He added:
“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,”
To further attract potential users and retain its existing users, the company introduced a new member loyalty program today. According to Sinclair, the scheme, called Proof of Access, allows users to modify their loan conditions using SALT, the startup’s own tokens.
New users need to deposit at least one token onto the platform to become a new member and can then stake SALT tokens to further adjust interest rates on their borrowings.
The firm will also be considering new blockchain tokens to serve as collateral, Sinclair 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.”