- 1 Basic Salt Coin Info
- 2 What is Salt Coin?
- 3 What is SALT lending
- 4 How to take Loan with SALT Lending
- 5 How to Be a SALT Lender
- 6 Taking a SALT Loan - The Loan Process
- 7 What is SALT Oracle
- 8 The SALT Lending token
- 9 Salt Recent News and Developments
- 10 Where and How to Buy Salt Coin
- 11 Convert SALT to USD EUR GBP and Fiat
- 12 Salt coin COMPETITION
- 13 References
Name: Salt - BLOCKCHAIN-BACKED LOANS
Price Info: - https://coinmarketcap.com/currencies/salt/
Salt lets users leverage their cryptoassets in order to secure cash loans. This means that buyers can use cash without having to sell their cryptocurrency to pay for the purchase. Salt claims that the application is easy, with fast approvals and no credit checks. The interest rates are competitive and there are no prepayment fees.
SALT lending is a platform that provides Blockchain-Backed Loans. SALT (Secured Automated Lending Platform) enables you to put up your crypto as collateral in exchange for a cash loan. This is ideal if you need to pay-off an unexpected expense or want to make a big purchase without having to sell-off your blockchain assets.
Therefore SALT = SALT Lending.
SALT revolves around the company’s trademarked Blockchain-Backed Loans. Blockchain-Backed Loans are simply loans in which you hand over a blockchain asset, like Bitcoin, as collateral in exchange for traditional currencies. Unlike traditional auto or home loans, you can use these loans for any personal or business expense.
To use the SALT lending platform, you first need to pay to become a member. There are three tiers of membership:
1. Base (1 SALT/year) 2. Premier (10 SALT/year) 3. Enterprise (100 SALT/year)
Higher membership tiers enable you to borrow more money across additional currencies and give you more flexible loan terms. Higher tiers also enjoy a range of other perks such as early access to new products, portfolio management, and credit/debit cards.
When you apply for a loan, though, you’ll be subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) restrictions, so be prepared to upload an ID.
On the other side of SALT are the lenders. Lenders have previously avoided dealing with cryptocurrencies because of the oftentimes complicated nature of the assets. SALT provides lenders with the infrastructure, compliance, and security they need to accept crypto collateral without adding additional costs to their current processes.
In exchange for these services, lenders must also pay for a SALT membership.
SALT never inquires your credit score. The platform only uses the value of your crypto collateral to determine the terms of your loan.
Lenders kick-off the loan process by posting the terms in which they’re willing to lend. As a borrower, you can look through the various terms and choose the one that’s best suited for you.
Once you pick a loan, the loaners commit the cash funds while you provide collateral to a smart contract. The cash funds are sent directly to your bank account.
You then pay monthly installments based on the loan terms, and when your loan is paid-off, SALT releases your collateral from the smart contract and returns it back to you.
The SALT Oracle creates the smart contracts for each loan and triggers the events of the loan. To lower the risk of default, the Oracle also records loan payments and monitors the changing value of the crypto collateral.
Every loan starts with a loan-to-value ratio that’s calculated from the terms of the loan. This ratio is effectively the amount of the loan divided by the amount of collateral.
As you pay off the loan, this ratio decreases because the amount of the outstanding loan decreases. However, if the value of your collateral decreases due to a decline in the market price, this ratio will increase.
If the ratio ever increases beyond the initial loan-to-value ratio, you’ll be required to either:
a. provide more collateral b. pay-off an additional amount of the loan
until the ratio returns to the original level.
The Oracle autonomously tracks the loan-to-value ratios and notifies the borrowers when it becomes too high. The amount of time a borrower has to correct the ratio differs based on the velocity of the price decline.
SALT tokens, also known as membership tokens, are ERC20 tokens that you spend to become a member of the SALT lending platform. Furthermore, you can redeem these tokens to pay down loan interest, receive better rates on loans, and purchase items from SALT’s online store.
These tokens currently hold a different value on the lending platform than what they’re trading for in the market.
By the end of the last quarter (Q1), Salt aimed to develop their platform, have Ethereum collateralized loans, and launch a loan fund. This quarter they plan on launching credit cards.
It’s been a busy 2018 so far for Salt Lending.
With an expanding business, it made two new key hires.
First is Jennifer Nealson as chief marketing oﬃcer. In her last role, she turned the Denver Center for the Performing Arts into the largest theater organization in the U.S.
And second is Bill Sinclair as chief technology oﬃcer. He has over 20 years of experience managing IT departments and software development teams in a number of industries including finance, energy, and IoT.
In the last year, Salt grew community participation from a few hundred members to over 65,000 today.
To cope with a rapidly growing community, it recently started a community channel partner program. The first two partners are Telegram and Discord.
On the loan side, Salt is now able to service loans in both the UK and New Zealand, opening up two new markets.
Finally, Salt launched the SALT Foundation. The Foundation intends to partner with nonprofits in small pilot programs around the world.
Since launching at the beginning of the year, the Salt Lending platform now has 64,177 active members and has funded $38 million in loans.
Also look for Salt to add ETH-collateralized loans and launch a crypto credit card.
One more thing to keep in mind: Loans on the Salt platform can be repaid in SALT at the retail price of $27.50, much above the current market price. It’s an anomaly that won’t last forever.
You can buy SALT on the above exchanges in the SALT/BTC, SALT/ETH, SALT/BNB (Binance) pairs.
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