What is Salt (SALT)?
Salt is a platform for lenders and borrowers. It provides blockchain-based loans that enable people to put up crypto as collateral in exchange for a cash loan. Currently, there are four cryptocurrencies offered on the platform: Bitcoin, Ethereum, Litecoin and Dogecoin, which can be offered in exchange for a cash loan. The Salt lending platform offers three kinds of membership: Base, Premier, and Enterprise. Lenders on the platform have to pay for a SALT membership to gain access to several services. The process of getting a loan starts with the lender posting the terms for the user. Crypto assets are deposited by the borrower to the multi-signature smart contract. Fiat currency is deposited into the borrower’s account, and the borrower pays the monthly interest on the loan. Upon completion of loan repayment, loan assets are returned.
How Does SALT Lending Work?
Blockchain-backed loans are simply loans in which blockchain assets are handed over as collateral in exchange for traditional currencies. Unlike traditional or auto loans, these loans can be used for any personal or business expenses.
Originally, using the SALT lending platform required paying first to become a member. The three membership levels are:
- Base (1 SALT/year)
- Premier (10 SALT/year)
- Enterprise (100 SALT/year)
As membership tiers increase, the user will be able to borrow more money across more currencies, along with more flexible loan terms. Higher tiers also enjoy a range of perks which include early access to new products , portfolio management and credit/debit cards. However, much of this has changed as loans can now be taken without the need for SALT.
SALT Lending Team & Progress
There were 15 members on the SALT team, which was led by CEO Shawn Owen. Owen is a serial entrepreneur who has been in the hospitality industry for years. In July 2018, CTO Bill Sinclair became head of the team after Shawn Owen left the company.
Erik Voorhees, founder and CEO of the popular crypto-to-crypto exchange Shapeshift, is the most notable member of the SALT team.
In January 2018, SALT reached a milestone as it began providing loans to top-tier members. The platform has handed out over 70,000 loans, with more than $50,000,000 being used to fund these loans.
Salt tokens are ERC20 tokens, which means they can be stored in Ethereum wallets. They can also be spent to become a SALT lending platform member. Furthermore, tokens can be redeemed to pay down loan interest, receive loan rates, and purchase items from SALT’s online store.
Salt (SALT) will be Listing on Atomars
Salt (SALT) has announced that it will be listing on Atomars on October 14 with the trading pair SALT/BTC.
Atomars is a new trading platform for digital assets designed to connect fiat currencies with cryptocurrencies. With cryptocurrencies becoming more vulnerable to attacks, Atomars aims to boost security of crypto for everyone all over the world. This it does with its multi-layer security system. Currently, Atomars Exchange supports all the major cryptocurrencies which include Bitcoin (BTC), Ethereum (ETH), and so on. The mobile client and web client both come with all the tools that allow for easy and seamless trading on the go throughout the day.