Salt Is a lending platform on the Ethereum network that is fully working with over 50 million dollars of active loans. With Salt you get cash loans by using your crypto as collateral.

How it works

Salt works by using smart contracts to set and execute loans automatically, because the borrower’s crypto is used as collateral, there’s no need for a credit check. The amount you can borrow is based on the membership level you purchase. If you miss a payment SALT will automatically sell a portion of your crypto collateral to meet that missed payment. Interest rates are 10% pa and you can borrow up to 80% of your crypto collateral.c

Warning These are margin loans meaning if your crypto used as collateral drops below the value of your outstanding loan, SALT will automatically sell some of your collateral to reduce the outstanding loan to less then the value of the collateral.

Token use case

The memberships are paid for in salt tokens , there are 3 membership levels, these membership level will determine how much you can lend.

Base 1 SALT

Premier 10 SALT

Enterprise 100 SALT

SALT can be used to pay down loans or buy better interest rates and can also be used for purchases from SALT’s online shop (not released yet). A credit card was meant to be released 29/6/18 (not released yet)

Today’s price $0.622063 USD

Market Cap $43,258,287 USD

Circulating Supply 69,039,612 SALT

Total Supply 120,000,000 SALT

Conclusion

This isnt a new idea but it was the first for crypto. People get loans out all the time and this is a very fast and easy way. I can see people using this but i dont really see the need for the token, it would of been both easier and better to just pay the fee’s with your choice of collateral currency. The tokens also seem to be getting created fast maybe once SALT tokens near the total supply it might be worth a small investment.

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This is not professional financial advice please do your own research before making any investments.

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Responses

  1. SugarFix

    Careful with this one Slice as SALT are thought to be doing an exit scam. The CEO did a runner a couple of weeks ago. Nexo (a SALT direct rival) has offered to by their assets. I know this because I own Nexo tokens (I did one of my $30 punts) and got the following email from them.

    ** Nexo Offers to Acquire SALT’s Remaining Assets

    Nexo AG has sent a Letter of Intent (LOI) to acquire the remaining qualifying assets of its US competitor SALT Lending and to provide instant liquidity to its community. This comes after reports about SALT Lending’s management reshuffle.

    According to SALT Lending’s community members, the company has not been issuing any loans in the past months which has raised serious questions.

    Nexo is concerned about the latest developments at SALT due to their potentially detrimental influence on the sentiment of investors and borrowers in the crypto‐backed lending industry, as well as the blockchain community in general.

    The actual letter of intent can be found here – https://drive.google.com/file/d/1lf_2DZcvVHTCISWDNJOAwzvEUIf0L0f8/view.

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