Crypto-backed loan platform SALT continues US, global expansion
Cryptocurrency has a lot of advantages. While many enthusiasts have taken a "hold-and-see" approach to future prices, they are storing their assets in cryptocurrency wallets. This isn't a bad option, but there's no reason to not take advantage of the currency's value while waiting. That's where SALT comes in. The company provides loans using cryptocurrency as collateral and has been expanding across the US steadily this year. It has announced that residents of 15 more states can now take advantage of the loan programs, bringing to a total 35 states that it serves.
SALT expanded to 20 states this past August. It most recently added states such as New Jersey, Washington, Texas and Massachusetts to its footprint, and is trekking out into international territories, as well. It is now also available in Hong Kong, Bermuda, Puerto Rico, Brazil, Vietnam, Switzerland and the United Arab Emirates.
According to a company press release, SALT's main goal is to act as a “liquidity provider for large crypto investors including individuals, mining operations, exchanges and other institutions in the blockchain ecosystem." It added, "With a primary goal of serving large clients, (offering) live portfolio valuation, around-the-clock global support, a range of competitive rates, flexible loan terms, and a proprietary custody solution enables it to meet the needs of individuals and businesses alike, making it the ideal loan solution for a wide range of clients.”
The platform offers loans with an interest rate of 5.99% up to $75,000. Loans up to $25 million carry a rate of approximately 12%. According to the company, “For loans greater than $25 million, tailored options are available. Loan amounts and interest rates vary by jurisdiction.” SALT doesn't charge origination or prepayment fees, nor does it charge closing costs.