Crypto Loan Now Available in 35 US States
A cryptocurrency-backed loan is now available in 35 US states, loan provider SALT Lending said in a move to expand its customer base.
The membership-based lending and borrowing network, which allows more than 700,000 users to borrow cash against their cryptocurrency holdings, announced it has expanded its reach to 20 new US states namely Connecticut, Washington D.C. Florida, Illinois, Kansas, New Hampshire, North Carolina, Ohio, Oklahoma, Alabama, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin.
SALT Lending’s move to offer its services to other areas is complicated, according to Bill Sinclair, the company’s chief executive. The legal team, according to Sinclair, has been coordinating with regulatory experts to ensure the loans being provided adhere to the laws of each state. “SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered,” he added.
“This news effectively gives our platform a 60 percent increase in lendable areas. It is our goal to operate in all 50 states by the end of 2019, barring any regulatory challenges,” Sinclair said in a separate statement.
Aside from widening its reach, SALT Lending also rolled out its new tech platform for its clients that includes improved tools for borrowing funds and faster transactions, as well as new member loyalty program which allows customers to revise their loan conditions using the company’s own token.
“With the launch of SALT Lending’s Proof of Access (POA) program, where available, members can secure more favorable borrowing interest rates as low as 12 percent by staking higher quantities of SALT Membership Units on the platform. The value of SALT will change from the initial promotional price to an industry norm in line with an aggregate market value, allowing current members the option to extend terms, lower monthly payments and/or prepay in USD,” SALT Lending said in a statement.
“With our operating advancements and technological enhancements, we have made yet another sizeableleap to grant more banked and unbanked people access to leverage their blockchain assets to accommodate the need for traditional fiat-based transactional living,” Sinclair said in the same statement.
SALT Lending is moving its current clients to the new platform which began with certain key community leaders. “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,” he added.
Moving forward, SALT Lending is looking at incorporating new blockchain tokens for collateral. Aside from that, it is continuously developing its platform and planning to unveil micro-loans and qualified custody products as part of its international expansion plans.
“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,” Sinclair said.