What is Salt Coin (SALT)
Blockchain Backed Loans
SALT Coin Price
What Is Salt | A Quick Overview
Salt coin helps anyone leverage their Cryptocurrency and blockchain assets to secure cash loans.
Instead of selling an investment, they want to help anyone get financing based on the Cryptocurrency assets that they hold.
The History of Salt Lending
SALT coin began with an ICO for private investors only.
This helped back the equity of the actual lending service in exchange for significant players jumping into the game.
The Tiers were:
- 2.0 Million SALT @ $3
- 1.5 Million SALT @ $5
- 1 Million SALT @ $7.5
The SALT Coin Team
Not only did they raise a lot of funding from the initial private ICO, but they have a great team.
Shawn Owen - Linkedin - CEO
After previously being COO, he wanted to pursue his passion for Bitcoin and blockchain since 2011 when he heard about it and got involved.
Erik Voorhees - Linkedin - Advisor
Erik was one of the earliest voices and advocates of Bitcoin.
He started Bitinstant with Charlie Shrem, built up Satoshi Dice (which was sold for $8 million) and then created Shapeshift.
Kevin O'Hara - Linkedin - Senior Advisor
He served as Executive Vice-President and Co-General Counsel of the NYSE after its merger with Archipelago Holdings, Inc., where Mr. O'Hara served as Chief Administrative Officer, General Counsel, and Board Secretary. (1.)
The Purpose of Salt Cryptocurrency
The SALT token was created with the purpose of helping to give anyone a loan.
If a property is a store of value, I.e., gold or Bitcoin, then that store of value should be retained, at least to a particular property.
With crypto assets up to this point, many users and holders have to sell to pay for bills, have cash on hand, etc..
Although, with SALT lending, members will be able to be clear for a loan.
It's not the type where you need great history, they hold your money and end up breaking your arm later because you missed a payment.
Instead, SALT coin allows users to put theirCcryptocurrency up against a cash loan.
This way SALT has collateral.
Using this platform people finally are able to secure a loan towards the assetizing of blockchains.
How Does The Salt Membership Work?
Each SALT token represents a point of membership in the SALT lending community.
Basic membership is 1 SALT/year.
Whereas premium membership is 30 SALT/year.
You can also pay up to 25% off the loans off with SALT tokens.
There is 120,000,000 SALT that will ever be created; this is to drive up the price over time as people want to start lending and accumulate tokens.
The Features of Salt Coin
Value Tiers and Products
There are three tiers of SALT lending:
- Term Financing
- Access Up To $10,000
- Get: USD
- 3-24 Month Terms
- Term Financing and Line of Credit
- Access Up To $100,000
- Get: USD, EUR, GBP, JPY, RMB
- 1 hour - 36 Month Terms
- Term Financing & Line of Credit
- Access to over $1,000,000
- Get: Ad Hoc Currency Selection
- Metered Terms
Collateral Vs. Credit Score
Traditional banking and lending come from a person’s credit score and their worthiness for the loan.
This, of course, leads to higher rates of interest for the borrower and limited accessibility of cash for them too.
Now on the other side, the Blockchain is an immutable ledger, something that can’t be faked or withhold data.
Salt allows members to put up their assets in an immutable ledger, where the user puts up collateral instead of needing an excellent credit score.
If they don’t deliver the payment, then SALT gets the assets, and if they do, then they are returned.
The Three Principles They Operate By
Easy application, fast approval, and no credit checks (although some restrictions apply).
To make it easy, the cash can be deposited directly into a bank account.
There are no prepayment fees and competitive interest rates. This helps people maintain their position while also avoiding less-than-optimal tax events.
The cash can be used for whatever someone wants, whether they are a day trader, long-term investor or using it for whatever they want.
And, this allows anyone to get their assets back whenever they want.
An Easy To Use Borrowing Experience
Using intuitive loan management, members can collateralize their blockchain assets, manage repayments, and monitor activity in one easy to use application.
What GCA Thinks of SALT Coin
We are fans of SALT lending.
Not only are they doing something that operates in a trillion dollar economy, but they have a good approach and thought out plan.
We currently do hold SALT for the future and will use their services if need be.
This is a company to watch as blockchain, and the Cryptocurrency economy grows.
If you liked this review and want to help support the academy donate some Salt below!
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