Well, here is either a whole new street in the online lending sector to go down OR its a dead end with risky consequences. SALT (NOT the stuff in the shaker) but rather “Secured Automated Lending Technology” is launching the first (claimed) lending platform which will support loans denominated in national currencies and collateralized with blockchain assets like bitcoin. Long story short, you will be able to get a loan on your bitcoin (cryptocurreny) holdings WITHOUT selling them. OK, no risk there. Gotta be a very big haircut I’m sure. Oh yeah, its membership-based platform, so get in line.
(Bill Taylor, CEO)
“SALT (Secured Automated Lending Technology), a membership-based financial ecosystem based in Denver, Colorado, is launching what is claimed to be the first lending platform to support loans denominated in national currencies collateralized by blockchain assets including bitcoin. But one wonders if this bold initiative can actually work out and disrupt the loans market, facilitate cost-effective offerings and treat customers fairly, as it has claimed?
The touted “disruptive platform” enables crypto-based asset holders to leverage their investment for cash loans – without having to liquidate holdings. It could have its merits.
Specifically, what is being launching by SALT today is the concept and the ability to sign up for their waiting list along with being first in line to become members of their platform for membership.
With the aim also to broaden blockchain technology’s global reach, the move comes as traditional banks are “currently under-serving their clients” by not recognizing the wealth inherent in blockchain assets, as the founders behind this initiative pointed out.
When canvassed for evidence to support this, SALT told me at Forbes it had a “waiting list of borrowers” who want to use their loans service. According to conversations with these borrowers the project revealed that many of them have expressed this issue as “being a pain point…”