SALT, a Global Expansion
SALT has announced its largest expansion to date. According to the company, the expansion covers seven additional international territories, representing an increase of 200 percent in international exposure. SALT is the world`s first provider of cryptocurrency collateralized blockchain-backed loans.
The company, founded in Denver, Colorado in 2016, has opened operations in 15 additional U.S jurisdictions. The expansion has included Massachusetts, New Jersey, Texas, and Washington. Even more, SALT added an additional seven territories including Hong Kong, Brazil, Switzerland, Vietnam, Bermuda, Puerto Rico, and the United Arab Emirates.
SALT claims to be the smart way to leverage blockchain assets. Their platform hopes to connect cryptocurrency with traditional finance. It allows cryptocurrency holders to secure cash loans through its membership-based borrowing platform by collateralizing their blockchain assets. In addition, its financial services give opportunities for indirect involvement into its new asset class. SALT currently has an international user base of 70,000.
The rapid expansion of SALT`s services follows its 20-state expansion announced in August. The company is working toward an ambitious goal of being fully operational in all 50 states. SALT works to elucidate a major problem of blockchain assets – illiquidity. SALT`s lending model dubbed “Hold Your Assets, Spend Your Cash” enables liquidity access for cryptocurrency holders. This enables the full realization of the power of a new class of asset without reducing holdings.
The global expansion has catapulted SALT to new heights. Its competitive offerings include flexible loan terms, no prepayment fee, no origination fee, and no servicing fee or closing costs. This has enabled SALT to maintain its position as a pioneer and global market leader in blockchain-backed loans.
The interim president and CEO of SALT, Bill Sinclair, said, “The number of cryptocurrency holders has already increased by more than 70 percent worldwide during the past year, which points to the potential of a dramatic increase in loan demand. Given that SALT is also one of the few companies that actually lends in fiat currency, we’re in a unique position to democratize loan access by providing a multi-faceted loan service to businesses and consumers across the world.” Sinclair expressed his enthusiasm for the Expansion. He posits that the expansion would bring greater flexibility for borrowers. This would support SALT’s mission to not only increase loan access but also grant its customers maximum utility of their assets.
With more than 60 percent of cryptocurrency trading in international currencies, SALT seeks to continue increasing international exposure and providing its services to crypto holders across the globe.
Sinclair continued to say that, overall, the company`s core objective is to provide more liquidity to the crypto-market. This could very well serve as another leap forward in allowing both the banked and un-banked to gain access to traditional financial institutions through their blockchain assets. The company seems to be committed to advancing Blockchain’s thriving ecosystem around the world.