Crypto-back lending company expands across the US
SALT Lending, a firm specializing in providing loans using cryptocurrency as a collateral, is expanding its operations. The company already operated in 15 states across the US, and has now announced that it has received approval to operate in 20 more. Given the complexities surrounding financial entities and regulations, being able to offer services in more than half of the country is no small feat.
According to a company <a href="https://www.prnewswire.com/news-releases/salt-lending-extends-blockchain-backed-loans-reach-by-60-to-include-20-more-us-jurisdictions-300693940.html">press release</a>, SALT is now available in "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.
Bill Sinclair, who became the company's CEO last month, said that the expansion process is an extremely difficult one, and that SALT's legal team and been hard at work with regulatory officials and experts to make sure that its offerings were in compliance with all applicable laws in each of the states. He added, "SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered,"
SALT provides loans to users who put up their Bitcoin or Ethereum assets as collateral. The company hopes to offer support for other currencies in the future, with Sinclair stating, "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."
In addition to the expansion, the company has also introduced a new platform that provides new tools to make transactions faster, as well as a new member loyalty program, Proof of Access. The program allows users to modify loan parameters users SALT's own crypto token, also called SALT.