SALT Lending, a cryptocurrency-backed loans provider announced that it has expanded its services to 35 more states in the United States.
The platform which was launched towards the end of last year now operates in 35 states across the country.
SALT which has issued in excess of $50 million in US blockchain-backed loans further added that it will be providing a new tech platform for its new and existing clients.
SALT present in 35 U.S States
The cryptocurrency lending company is now available in:
- Washington D.C.,
- New Hampshire,
- North Carolina,
- Indiana, Iowa
- Rhode Island,
- West Virginia,
- amongst others.
The company’s services aren’t limited to the U.S market only as they are actively issuing loans in three countries and boast more than 70,000 customers.
Prior to this move, SALT CEO, Bill Sinclair last month explained that expanding into the United States is a highly complicated, time-consuming process.
For the process to be implemented effectively, Sinclair pointed out that understanding Federal and State laws is required.
Sinclair further added that the company is continuing to pursue compliance in all remaining US states with the aim of improving access for crypto-laden borrowers.
In the press release, he noted that this development gives SALT a 60% increase in lendable areas. He concluded by stating that SALT is now working to achieve its goal of operating in all 50 states by the end of 2019, barring any regulatory challenges.
POA Loyalty program
The platform will have tools for borrowing funds and faster transactions between users, with a full new membership loyalty program to be added also.
There’s a revised dashboard, new borrowing tools, improved processing speeds, near real-time collateral and loan status monitoring.
The loyalty program which is known as Proof of Access (POA), will enable users to alter the conditions of their loan under the firm’s new digital token (also called SALT).
Members of POA receive favorable interest rates as low as 12% when they put up larger quantities of SALT membership units on the platform.
POA also allows its members to choose to extend terms, reduce monthly payments and/or prepay in US dollars.
Before users can enroll on the platform, they will need to deposit at least one SALT token onto the company’s platform, they can then stake whatever volume of tokens they have to adjust their loans interest rates.
SALT is making plans to further develop its platform, with the introduction of micro-loans and qualified custody products, alongside an international expansion to be the major changes.
Smart contracts used for loan terms
The loan terms for SALT are automated through smart contracts. This means that a customer’s borrowing power and loan terms are adjusted automatically, depending on the available collateral.
This enables customers to maintain their fiat cashflow and spending power while also purchasing cryptocurrencies and benefitting from the price increase.