Such Borrow, Many Loan: Crypto Lender SALT Now Takes Dogecoin as Collateral
Cryptocurrency investors have another way to access capital without having to liquidate their portfolios. SALT Lending, which has issued more than $50 million in blockchain-backed loans, is capitalizing on the liquidity in dogecoin and has begun offering loans in USD collateralized by longtime crypto darling DOGE. Dogecoin’s profile has been on the rise in recent months as investors have flocked to the altcoin while leaving others out in the cold.
SALT promoted the coin addition subtly on social media by adding Doge, a “Japanese dog breed Shiba Inu” who is the dogecoin mascot, to its Twitter profile. In addition to dogecoin, SALT also supports loans backed by litecoin (LTC), bitcoin (BTC) and ethereum (ETH).
“The majority of loans are collateralized by bitcoin, though some loans are collateralized by ethereum, litecoin or a combination of the three. We are excited to have Doge as our newest collateral type,” Jennifer Nealson, SALT’s chief marketing officer, told CCN.
About SALT: SALT is a membership based lending and borrowing network that allows users to leverage their blockchain assets to secure cash loans. The SALT Secured Automated Lending Technology is a protocol and asset agnostic architecture designed to adapt to the constantly growing class of blockchain assets. The SALT Platform is automated and cryptographically secure. SALT is a lending platform specifically designed for blockchain assets; operating as a second layer protocol which sits atop any public or permissioned blockchain, allowing the underlying asset to be used as collateral for access to credit. SALT also offers lenders a powerful, globally available solution to access a rapidly expanding and immediately addressable borrower base, while providing new tools for managing lender risk. Unlike traditional forms of collateral, such as real estate and automobiles, blockchain assets are divisible, fungible, and in many cases instantly transferable. These potential advantages can be fully realized with SALT’s volatility risk mitigating technology.