Dogecoin (Doge) added as a collateral on cryptocurrency backed lending platform Salt

Just weeks after announcing the addition of Litecoin, cryptocurrency backed collateral based lending platform adds Dogecoin as an option as well. Users can now use Dogecoin as a collateral to secure USD loans via Salt.

According to the press release by Salt,

“Dogecoin has a rich history and incredible support from its community, is widely traded, offers high liquidity, and is built using the Bitcoin code base – all factors that make it not only a viable asset to loan against, but an obvious collateral choice for SALT, as it enables the company to connect with the broader crypto community in a fun, approachable way.”

Dogecoin becomes the fourth cryptocurrency to be listed on Salt. Salt currently supports Bitcoin, Ethereum, Litecoin and Dogecoin as valid collateral on their platform. Apart from the addition of Dogecoin on their website, Salt has also introduced a new voting feature which will allow the cryptocurrency community to vote for the next token be listed as collateral.

According to Salt, they have seen an increased loan demand from an international standpoint specifically from the UK, New Zealand, Hong Kong and Vietnam.

Blockmanity’s Take

Services offered by Salt can be really beneficial to ICOs who raise money through cryptocurrencies. Instead of selling cryptocurrencies and bringing the market down, getting a loan in fiat against them seems like a good option. Only time will tell how it goes, but so far Salt looks like an innovative and promising concept.

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