Cryptocurrencies and blockchain related projects have been coming up with a purpose to fill the void left in many industries worldwide. We have seen the introduction of various different crypto-related projects in varied industries such as security, automobiles, financial services, hospitality, creative services and supply chain management. With the introduction of SALT, however, the Cryptocurrency world is ready to step foot into the loaning market. Launched in 2017, the SALT lending platform completed its discounted membership way back in August and has seen a large degree of success since its launch.
SALT derived as is an acronym for Secured Automated Lending Technology. Salt Lending describes itself as “a next-generation lending platform for blockchain backed loans.” Essentially, Salt Lending provides a lending platform where members of the platform can put up their blockchain assets as collateral.
At the time of writing (13/03/2018) SALT has a market cap of $173,635,995 USD with a present circulating supply of 55,745,114 SALT. The total supply of tokens in the network is kept fixed at 120,000,000 SALT.
Currently, the SALT Lending platform is a membership-based lending and borrowing network, allowing users to leverage their blockchain assets for securing cash loans. The driving force behind the company’s technology is a protocol and asset agnostic architecture designed with a high degree of adaptability.
The team behind SALT has been growing since their launch, currently employing more than 60 professionals. It has been since touted to be the main driving force behind the emerging sector of Fintech or Financial Technology based crypto projects. The project aims to provide the best way to pay for emergencies or when somebody wants to make a big purchase without disposing of their owned blockchain assets. Since there aren’t many merchants that accept cryptocurrencies as a form of payment, SALT aims to bridge the gap.
Jennifer Nealson, the recently appointed Chief Marketing Officer at SALT is optimistic about the future. “The potential impact of SALT Lending’s success on Colorado’s economy cannot be overstated,” says Jennifer Nealson. “Blockchain is poised to be the most disruptive technology in recent history. SALT Lending is taking the lead in creating lending systems, marketplaces, and services that will benefit financial institutions, consumers and underserved communities globally.”
Where to Buy SALT from?
At the moment, the most popular exchanges to purchase SALT are Binance, Bittrex, and Huobi. To trade for SALT on one of these exchanges, a trader needs either Bitcoin or Ethereum. In cases where a user does not have a prior deposit of cryptocurrencies, they can purchase SALT with traditional currency on an exchange like Gemini and then transfer them over. Because SALT is an ERC20 token, users have a few different options like MyEtherWallet.
The Working Force Behind SALT
SALT tokens, like other Cryptocurrency tokens, are backed by the Blockchain technology, which allows users to use Bitcoin, Ethereum or Ripple tokens as security. SALT is decentralized, meaning there is no central bureau to scan users for credit eligibility, making loans more accessible. The tokens are ERC20 based, built on the Ethereum ecosystem.
The fact that there will always be a demand for loans from the general populous makes the future prospects bright for SALT. Given the state of the current currency lending sector, SALT definitely provides something new to the table.
The amount one sets aside as collateral gets locked up and not released till the loan has been fully repaid. Since banks worldwide are overcharging their clients through their loaning system, SALT is a viable option. Moreover, the general shift of the world economy is towards digitization of real-estate as well as other sectors. In such cases, SALT can emerge as a secured loan service in the Cryptocurrency world.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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