Salt, a Blockchain based Lending platform has announced a major update where clients can now borrow and lend using Litecoin as a collateral.
Previously Salt only offered loan solutions with Bitcoin and Ethereum as collaterals, now with Litecoin introduced users in the US (35 States), UK and New Zealand.
Salt mentioned in their Blog:
With a primary goal of serving large clients, SALT’s offering — live portfolio valuation, around-the-clock global support, a range of competitive rates, flexible loan terms, and a proprietary custody solution — enables it to meet the needs of individuals and businesses alike, making it the ideal loan solution for a wide range of clients.
The company has decided to reduce the interest rates as low as 5.99% for loans below $75000, 11.99% for below $25 Million. Salt has also removed the maximum cap for the loan amount.
Salt is also actively trying to expand to more states in the United States and to get approval from the European Union to operate in Europe. The loan structure will be determined by the laws and regulations in that particular region.
SALT announces #Litecoin as collateral, offers USD loans with interest rates as low as 5.99% for loans below $75,000, and as low as 11.99% for loans up to $25MM. Now no maximum cap on loan amount. Loan terms vary by jurisdiction. https://t.co/MgvPHizZrN
— SALT (@SaltLending) October 4, 2018
Although there have been some other lending platforms that have gained popularity other than Salt like BlockFi and Nexo, Salt has the first mover advantage in the space. Decentralized solutions like EthLend are also gaining traction, It will be interesting to see how decentralized solutions will grow in the next few years as they don’t have borders or regulatory burdens.
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