CRYPTO LOAN – SALT is a firm that allows users to borrow cash against their cryptocurrency holdings, is now available in 35 states, including Washington D.C.
Announcement was made on Wednesday which revealed the firms expansion into 20 new U.S. states, making it all together 35 states now.
A new tech platform for its clients, was also introduced. The new tech platform includes updated tools for borrowing funds and faster transactions, as well as a new member loyalty program.
The firm CEO, Bill Sinclair, who took up his post last month said that it wasn’t easy in making sure that the loans it provides fall within each state’s individual laws.
“SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered,” he said.
Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine, among others, are the new states SALT expanded it’s activities into.
“The first borrowers to get loans in the new system were those who previously applied in areas in which we were not approved to lend and were still interested in a SALT loan,” he said.
And to to further attract new members and retain existing clients, the startup today also unveiled a new member loyalty program. Called Proof of Access, the scheme lets customers modify their loan conditions using the firm’s own token (also called SALT), according to Sinclair.
According to Sinclair, SALT will also be looking at adding new blockchain tokens to be used as collateral, he said, explaining: