If you’re a Bitcoin or a cryptocurrency holder since 2016 and even before – chances are you had spent a few of your wallet. Sometimes, even if you try to keep it, you’ll end up needing some cash for an emergency. But what if you could actually hold your cryptocurrencies and have the money with a fee lower than a banks one? This is where SALT proves its usefulness.
Hold Your Crypto, Get Your Loan
Instead of selling a part of your wallet for the much needed cash, you can easily apply for a loan using Salt. The process is easy with an approval faster than normal and no credit checks. There are no prepayment fees and the interest rates are way beyond the average in the banking industry. But how does Salt do this?
Quite easy actually. Instead of focusing on the credit score, this platform evaluates the value of the borrower’s cryptocurrency or assets. Afterwards, they are automatically matched with funds from their network of lenders. Basically, your funds can be borrowed by any member of the Salt network. Even though you might think this is risky – it’s not. All the assets and cryptocurrencies are hold in a powerful architecture designed to keep the funds safe.
Will Salt Platform Be Free?
No, Salt platform will have 3 types of memberships. The Standard, The Premier and the Enterprise. It has been designed this way to serve both businesses and a standard crypto trader.
The standard one gives you access to a maximum of $10,000 USD. The Premier one is more complex, offering access to $100,000 and 5 types of FIAT: USD, EUR, GBP, JPY and RMB. The Enterprise one is created for banks or financial institutes, offering up to a $1,000,000 loan on an undefined period of time.
If you’re interested to earn some money yourself, you can apply to become a lender for the Salt network. The Blockchain-backed lending platform will be released at the end of 2017. The API and developer tools will be available since Q1 2018.
Salt Network is a great way to solve a huge problem for cryptocurrency enthusiasts: when you need money but you don’t want to sell anything from your wallet. Salt platform will solve this issue while keeping your cryptocurrency secured.