SALT, one of the earliest cryptocurrency-backed lending providers in the space, announced this week it was expanding into 20 more states in the US, bringing its total market penetration to 35, including Washington DC, across America. And while that number is impressive on its own, SALT accomplished this during an extended bear market.
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SALT Crypto Lending in 20 More States
This week, cryptocurrency lending outfit SALT announced it was making its services available in 20 more states, bringing the grand total to 35 out of 50 in the United States. The US is geographically very large, and so covering ground on any wider scale is always an obstacle for businesses. That it too has 50 states with 50 different regulations governing a given industry adds to the task immeasurably. Combine all of that with the fact SALT is expanding in a decidedly bear market, and their feat becomes even more impressive.
CEO Bill Sinclair explained, “SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered. 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.”
The crypto-lending company also used the announcement to roll out a new financial product, Proof of Access (POA), that they hope will expand “member flexibility.” A blog post detailed, “With the long-awaited introduction of POA, members now have access to more flexibility when it comes to structuring their loans. This gives members the opportunity to tailor their approach in order to meet their individual borrowing needs. Members no longer have to pre-redeem SALT membership units in order to access borrowing limits. They can simply use their SALT membership units to customize the terms of their loan.”
Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, Connecticut
POA essentially gives users the ability to modify loan terms using the firm’s proprietary token. To become a member, at least one SALT token is required, allowing users potential access to adjust interest rates on borrowing.
“As blockchain assets continue to grow in abundance and popularity,” Mr. Sinclair also stressed, “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.”
Crypto borrowing is now available to residents of such states as Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, and Connecticut, to name a few, where SALT has expanded services.
What do you think about crypto-backed loans? Let us know in the comments section below.
Images via Pixabay, Duo Security.
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