Crypto-based lender SALT, now offers loans based on you bag of LTC, ETH or BTC.
Crypto-backed lender SALT has updated its platform to offer its users loans based on their holdings of Litecoin, as well as offering up new interest rates and a removal of the cap on the maximum loan amount. The news provided a significant boost to the price of the platform’s own SALT token, required for membership of the platform and intrinsic to the range of services owners can access, which helped in raise over $48m in an ICO that ended in August 2017.
SALT announces #Litecoin as collateral, offers USD loans with interest rates as low as 5.99% for loans below $75,000, and as low as 11.99% for loans up to $25MM. Now no maximum cap on loan amount. Loan terms vary by jurisdiction. https://t.co/MgvPHizZrN
— SALT (@SaltLending) October 4, 2018
Indeed, for a short while today following the news, the SALT token was worth double what it previously had been against USDT, according to CryptoCompare.
The idea behind SALT’s blockchain-backed loans is that they allow holders of cryptocurrency to liquidate their assets to fiat easily, while still ultimately benefitting from long-term increases in value for the assets they hold.
While the offer is available to all consumers, the company currently seeks to focus on “large crypto investors… mining operations, exchanges and other institutions in the blockchain ecosystem.”
Its platform also offers live portfolio valuation, flexible loan terms, and a custody solution for those using its services. Litecoin now joins Bitcoin and Ethereum among its collateral options, with interest rates starting at 6% for loans of less than $75,000. The previous limit of $25m on loans is now gone too – with ‘tailored options’ available to those who need to borrow big-time for whatever project they have planned.