Cryptocurrency technology continues to make headlines in the press and headway into the technological ethos of society with the intention to revolutionize and restructure our society for the better. The blockchain continues to offer a dizzying array of possibilities of peer to peer transactions at every level. Decentralization, transparency, and security bring added value to various processes and set a solid foundation for new business models. Traditional financial institutions have been the only way for businesses to borrow capital but with cryptocurrency on the rise, exciting new possibilities are blossoming. SALT is a power player in the new space of cryptocurrency with the purpose of empowering peer to peer borrowing and lending of capital, a cryptocurrency that could change everything.
On one hand, cryptocurrencies still lack solid regulations and most prominent investors are discouraged by the crypto market volatility and lack of control. Also, the blockchain is still relatively young and still lacks user-friendly tools required for complex operations. On the other hand, that doesn’t stop determined entrepreneurs from achieving sound results.
SALT is a lending platform for blockchain-backed loans. This platform allows users to hold their assets and get cash and to take advantage of many of the same features they would expect from a financial institution dealing with fiat currencies, such as loans, but with cryptocurrencies. This way, you can get fiat money without having to sell any of your cryptocurrency investments. This gives borrowers a single, straightforward application to collateralize blockchain assets, monitor activity, and manage repayments No credit check is required. Users purchase ERC20 SALT tokens to become a member and then put up bitcoin or other blockchain-backed assets as collateral. They can then borrow money from the platform’s network of lenders. Once the loan is paid back, borrowers get their crypto back: There are no prepayment penalties. Simple.
SALT has a very simple application and delivers approval quickly. The process of obtaining a loan as much faster as there are no credit checks. The cash for your loan gets deposited right into your designated bank account, requiring almost no effort on your part. For those who borrow money from SALT, the experience is very streamlined.
SALT gives you complete freedom. You can choose to get your assets back at any time you want, without having to pay an exorbitant amount of money, or any at all, for them. You can also get cash for anything you want. It doesn’t have to be for a specific reason, such as an auto or home loan.
SALT is the only platform that was designed to facilitate the loan process on the blockchain. This is crucial because so many things, like derivatives, deeds, diamonds, and more are slowly heading to the blockchain. Eventually, the blockchain will be the infrastructure of everything.
A big benefit of using SALT is the avoiding capital gains taxes as these can be harsh, especially in the U.S.A which works with a short term and long term capital gains tax system. By using SALT, you completely bypass the need for paying taxes as you are taking out a loan – not converting cryptocurrency to fiat.
The team behind SALT worked hard to streamline the entire loan process. The application process is simple, focusing on the value of your blockchain assets instead of spending time on your credit score. As a borrower, you get matched automatically with some of the capital from SALT’s extensive network filled with lenders. Throughout the length of your loan, your collateral assets remain in an ultra-secure architecture that is fully audited. Because of this, you can trust SALT with your funds and borrow without concerns.
SALT uses their own SALT tokens which are used as payment for membership to the site. There is currently a circulating supply of 46,751,837 SALT out of a total supply of 120,000,000. The tokens are an Ethereum ERC-20 token stored in a smart contract which means you can hold them in any Ethereum wallet.