SALT – The Cryptocurrency Backed Loan Provider, Expands its Influence over 35 States in the US
According to an announcement made by SALT, the cryptocurrency-backed loan provider will be providing coverage for a further 20 states in the United States as of Wednesday.
Effectively, this means that over 35 states will be able to secure a loan backed by their existing cryptocurrency holdings, including Washington D.C. SALT also announced today that it will be providing a new tech platform for its new and existing clients.
This platform will also include updated tools for borrowing funds and faster transactions between users and includes a full new membership loyalty program.
Bill Sinclair, the company's Chief Executive as of last month when he took up the position, reiterated the fact that expanding into the United States is a highly complicated, time-consuming process, requiring an understanding of Federal and State law in order to be implemented effectively.
“SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered.”
As of this year, SALT's services will also be available for users living in states like Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin, and Maine, among others.
Sinclair also added that it will be steadily moving its existing users over to the new platform, adding that
“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.”
In order to capitalize on its transition to the new platform, along with retaining existing clients while attracting new members interested in securing a loan, the company announced that it will be releasing a new member loyalty program.
Referred to as Proof of Access, the program lets users modify the conditions of their loan under the firms new digital token (also called SALT), according to Sinclair.
In order to become a new member, customers need to deposit at least one SALT token onto the company's platform, they can then stake whatever volume of tokens they have to adjust their loans interest rates.
Sinclair has stated that the company is interested in developing its platform, including bringing forward the introduction of micro-loans and qualified custody products, alongside international expansion.
Along with introducing new loan initiatives, SALT is very interested in adding new digital tokens in order to serve as collateral, Sinclair explained:
“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.”