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
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.
Cryptoslice Facebook HERE
Cyrptoslice Steemit HERE
This is not professional financial advice please do your own research before making any investments.