Popular cryptocurrency backed loan provider SALT lending, has announced plans to extend its services across 20 more US states. The lender known for extending loans to clients against their crypto assets will now be available in 35 states across the United States which will include the Nation’s capital Washington DC. The good news did not end there for SALT lending clients as the firm also announced that they would be adding updated tools for loaning funds as well as tools that will encourage quicker transactions. A new member loyalty program is also in the offing, meaning that SALT lending customers are in for quite a treat.
According to Bill Sinclair, SALT lending’s chief executive, expanding into new states is a grueling process which is why the firm has gone to great lengths to ensure that its legal officers work to ensure the provision of loans within each state’s individual laws. The firm will go about this by ensuring that their legal team engages the best regulatory experts for adequate counsel. SALT which has extended over 50 million worth of blockchain backed loans to clients will ensure that all loans are structured within the guidelines, regulations, and laws provided by each jurisdiction.
The platform’s new markets will include; Illinois, Florida, Kansas, Texas, Maryland, Michigan, Wisconsin, Connecticut, and Maine. The firm’s chief executive Bill Sinclair further added that the firm was in the process of transitioning current users into the new platform. In the new platform, the first loan beneficiaries will be the ones who had applied from areas that hadn’t been approved for lending and are still interested in SALT lending services. The new member loyalty program as mentioned above developed to lure in new members as well as retain existing ones is known as Proof of access. This would allow clients to modify their loan conditions through the firm’s very own token SALT.
According to Sinclair, new clients become members by depositing a minimum of one SALT token into the firm’s platform which will enable them to take their tokens against loan interest rates. The chief executive also revealed that the firm was planning continuous development of the platform. He also revealed the firm’s long-term plan which would be the introduction of microloans and qualified custody products. Smart contracts will be used to automate the firm’s loan offerings which will see the client’s borrowing power and terms of loan adjusted automatically according to the provided security. People outside the United States will not be left out since the firm plans to improve on the three other countries it operates in.