SALT Crypto Lending is Now Available in 35 States in US
SALT, among 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 amazing on its own, SALT achieved this during an extended bear market.
SALT Crypto Lending in 35 States
This week, cryptocurrency lending outfit SALT announced it was making its services available in 20 more states, getting the grand total to 35 out of 50 in the United States. Combine all that with the fact SALT is growing in a decidedly bear market, and their feat becomes even more impressive. That it too has 50 states with 50 different rules governing a given industry adds to the task immeasurably. The US is geographically very large, and so covering surface on any wider level is always an obstacle for businesses.
CEO Bill Sinclair described, “SALT loans will be structured within the laws, regulations, and guidelines provided by each jurisdiction where the loan is offered.” The first borrowers to get loans in the new system were those who previously applied in areas where we were not authorized to lend and were still interested in a SALT loan.
The crypto-lending firm 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 intro of POA, members now have access to more flexibility with regards to structuring their loans. 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 conditions of their loan. This gives members the chance to tailor their approach in order to meet their individual borrowing needs.”
Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, Connecticut
POA essentially provides users the capability to modify loan conditions using the firm’s proprietary token. To become a member, at least one SALT token is necessary, 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 currently available to residents of such states as Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, and Connecticut, to mention a few, where SALT has expanded services.