Cryptocurrency-backed loan provider SALT Lending announced it has expanded into 20 new U.S. states on Wednesday. The firm, which allows users to borrow cash against their cryptocurrency holdings, is now available in 35 states, including Washington D.C.
Also revealed today is a new tech platform for SALT clients, which the firm says includes updated tools for borrowing funds and faster transactions, as well as a new member loyalty program.
The firm's chief executive, Bill Sinclair, who took up his post last month, told CoinDesk that the process of expanding to new states is complicated, and that the company's legal team has been working with regulatory experts to ensure that the loans it provides fall within each state's individual laws. "SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered," he said.
As such, the platform is newly available to residents of Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine, among others.