The announcement by SALT coin to accept Litecoin (LTC) as collateral in their blockchain lending platform led to an explosion in the price of their ERC-20 token. In a 24 hour shake-up that rocked the altcoin market just before the weekend, this crypto-lending favorite rose over US $0.82 on Friday morning. SALT (SALT) shot up 55% overnight while the rest of the market stagnated in a prolonged malaise. The announcement was made on the SALT (SALT) platform blog Thursday.
The SALT Lending platform allows users to make real-world expenditures without losing potential gains from their cryptocurrency holdings. By allowing fiat loans backed by crypto-assets, SALT coin aims to bring needed liquidity to the market. While traditionally allowing loans backed by Bitcoin (BTC) and Ethereum (ETH), the addition of Litecoin (LTC) will likely bring a multitude of hodlers to its service. Litecoin (LTC) enthusiasts are understandably anxious to benefit from their accumulated stockpiles of yester-years crypto-darling.
Litecoin (LTC) has benefitted recently from a number of articles surrounding its acceptability. As reported by Forbes, Litecoin (LTC), along with Ethereum (ETH), may soon be traded in the futures markets. While investors are excited by the potential for upward price movement related to this development, it is easy to point out that futures trading did not help stem the losses of Bitcoin (BTC), which subsequently fell over 60% from its highs late last year.
Litecoin (LTC) is gaining in usability and is now accepted as payment for a variety of goods, from luxury cars to gift cards. Founder Charlie Lee recently purchased an Amazon gift-card with Litecoin (LTC), and quickly tweeted the transaction to the delight of followers and enthusiasts.
SALT coin announced a few other changes to its service along with the addition of Litecoin (LTC) as acceptable collateral. The platform now offers USD loans at a 5.99% interest rate (for loans less than US$75,000) and has removed the cap on maximum loan amounts. Having expanded their reach into 15 additional US jurisdictions, the company is gaining trust with a serious investor community that includes individuals, mining operations, exchanges, and blockchain institutions. According to their blog, “This rapid expansion of services comes on the heels of our 20-state expansion in August, bringing us closer to our goal of being fully operational in all 50 states.”
SALT (SALT) was founded in 2016. The lending platform launched in 2017. Having peaked with a price of US $17.68 in late December of 2017, the past months have been a bit more harrowing for their investors than for the typical Bitcoin (BTC) hodler. However, as the general market stabilizes, and the SALT (SALT) platform expands, the potential for gains may again be realized for the properly positioned investor in a brand new crypto-market.
The current price of SALT coin has fallen from it’s high Friday morning, retracing to its current value of approximately US $0.65. This marks a nearly perfect 62% Fibonacci retracement and will signal a buying opportunity for investors waiting for the right opportunity to jump in.
If you missed the recent announcement and were hoping for the right opportunity to add SALT coin into your portfolio, now may be your best chance.
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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 and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…