SALT is a native token of SALT Lending. The SALT acronym stands for Secured Automated Lending Technology. It is a platform based on Ethereum blockchain technology that allows people to take loans backed by cryptocurrency. This means that customers can deposit some amount of crypto to get a loan in the form of fiat money. In this case, cryptocurrency plays the role of collateral. The platform provides business loans as well as personal loans.
The main peculiarity of this project is that users do not have to sell their cryptocurrencies to get a loan, they are used as a collateral. Crypto assets are held on the service until the moment when users return the loan and then they are able to get crypto back, the amount of loan is changing with the price of collateral crypto. The minimum loan equals $5000 and can be used at the discretion of a borrower.
To become a member of a platform and to get a chance to take loans users need to buy SALT tokens. A type of membership depends on the number of SALT tokens bought:
If the request for the loan is approved, borrowers send crypto to a collateral wallet and get their loan transferred to their bank account.
The platform was founded in 2016 by a group of Bitcoin enthusiasts, as the team describes themselves on the official website. Their aim was to show crypto holders a wider perspective on how they can use their assets.
At the beginning, the head of the team was Shawn Owen. He has experience as an entrepreneur. However, he left the company in 2018. The other notable person in the SALT team is Erik Voorhees, a former founder and CEO of the ShapeShift crypto project. The team of SALT is growing and now it has more than 40 people.
SALT Lending was one of the first companies that started to provide a crypto loan service. Now they have a number of competitive advantages:
Even though the idea of using crypto assets to get a loan sounds very attractive, there are some moments that should be considered before using the service:
If you have decided to start using SALT Lending, you need to purchase its tokens. SimpleSwap is happy to help you, please, follow the instructions below:
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