Crypto-Backed Loan Provider Salt Now Available in 35 States
It seems that 2019 is a very good year for Salt, the blockchain-backed lending company, which has recently announced on Twitter and its official blog that it’s making its services available in 20 more states in the United States.
With this latest move, the cryptocurrency lending firm expands its market penetration to 35 states, out of the total of 50 across the United States of America, broadening its reach by 60%.
Massive expansion for Salt
The newly added states are Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin, and Maine, among others.
The company also operates in New Hampshire, North Carolina, Oklahoma, Alabama, Delaware, Indiana, Mississippi, New Mexico, South Carolina, Idaho, Iowa, Louisiana, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia, Wyoming, Ohio, District of Columbia, Connecticut, Colorado, and Alaska.
A few words about the Proof of Access
The announcement also mentioned the new financial product of Salt, namely Proof of Access (POA).
As per a previous blog post, with POA, the company aims to expand member flexibility: “With the long-awaited introduction of POA, members now have access to more flexibility when it comes to structuring their loans. This gives members the opportunity to tailor their approach in order to meet their individual borrowing needs. Members no longer have to pre-redeem SALT membership units in order to access borrowing limits. They can simply use their SALT membership units to customize the terms of their loan.”
In simple terms, POA provides the platform’s users with the possibility of modifying loan terms using a proprietary token. In order for users to take advantage of this system, they are required to hold at least one SALT token.
This is without a doubt a very impressive feat, especially considering the regulatory diversity of cryptocurrencies in the US space. Not only that, but Salt has also managed to achieve this despite US’ immense geographical scale. Another praiseworthy aspect is the fact that the cryptocurrency lending outfit managed everything during what seems to be one of the worst bear markets.