What is SALT?
SALT is a platform that has been built and backed by blockchain technology that specializes in providing loans. SALT (Secure Automated Lending Technology) allows you to mortgage your cryptocurrency in exchange for a cash loan. This is ideal if you unexpectedly need some money to spend or want to buy a large item without selling your blockchain assets like Bitcoin or Ethereum.
SALT coins, also known as membership tokens, are ERC20-compliant tokens that you need to become a member of the SALT financial support platform. You can also buy-sell these tokens to pay off loan interest and get better loan rates and can also be used to buy items from SALT’s online store.
Features of Salt
The use of SALT is very simple, but due to technology, it makes the operation of SALT become complicated.
Using blockchain assets as collateral: This is the main feature that highlights this virtual currency. This way, you can use your cryptocurrency assets just as you would with Bitcoin, as collateral for a loan. This allows you to invest in cryptocurrency simultaneously as well as maintain the value of this cash flow.
Automatic debt management: Once they are established, the SALT contract is mostly self-regulatory. Lenders (creditors) will not have to do anything.
Easily use your own loan terms: Just like other loan platforms, you can set up your own loan terms.
How does SALT work?
SALT creates lending programs from branded blockchain companies. The loan is backed by a blockchain network through which you only need to take simple steps to transfer your cryptocurrencies like Bitcoin, as collateral to borrow traditional cash. Unlike traditional loans or home loans, it often requires proof of purpose. With SALT’s program, you can use these loans for any personal or business purposes.
To use the SALT lending platform, you first need to pay to become a member of the network. There are three levels of membership:
- Base (1 SALT / year)
- Premier (10 SALT / year)
- Enterprises (100 SALT / year)
Higher membership levels allow you to borrow more money with more flexible loans. The higher levels also enjoy a range of other incentives such as access to new products first, portfolio management, and credit/debit cards.
You need to provide minimum personal information to create an account and become a member. All information required is your first name, last name and valid email address.
However, when you apply for a loan, you will be subject to the “Customer Knowledge” (KYC) and “Anti Money Laundering” (AML) rules.
SALT coin is used to become a member of the system, thereby allowing access to this platform’s services. With more SALT tokens, the more users are able to access the benefits that higher-level members have. The higher the membership level, the better and more flexible your financial options.
You can check SALT price here.