A U.S. cryptocurrency-backed lending platform has announced its plans to move their operations into 35 states after gaining regulatory approval. The American crypto loan provider, SALT, is planning to open in 20 new locations as it expands its network across the nation.
Cryptocurrency-backed lending is one such sector that is enjoying rapid growth as more crypto users than ever before are seeking loans backed by their crypto holdings.
Cryptocurrency-backed lending firm expands across America
The cryptocurrency-backed lending firm, SALT, has released details that it is now operational across 35 states in lieu of passing crypto regulations and will be expanding its network to 20 new locations.
SALT is based in Colorado and is one of the few companies that allows borrowers to leverage their held crypto as collateral for loans. As more people than ever before hold crypto, it is important that cryptocurrency-backed lending firms pass regulatory checks to offer more competition to potential crypto borrowers in the safest possible manner.
SALT is planning to move into 20 new states, which will include North Carolina, Oklahoma, Florida, and Virginia. Crypto users in all but 15 states can now leverage their crypto to receive personal cryptocurrency-backed lending packages.
Great news for crypto lending
Since its launch in June 2017, it has been reported that SALT has issued more than USD 50 million in crypto-backed loans to over 70,000 people, and with the news that it plans to be operational across 50 states by the end of 2018, now is the time to be in the cryptocurrency-backed lending business.
SALT interim president and CTO, Bill Sinclair, was upbeat about the company’s future plans this week by saying that “This news effectively gives our platform a 60 percent increase in lendable areas. It is our goal to operate in all 50 states by the end of 2019, barring any regulatory challenges.”
Sinclair went on to point out that the crypto loaning business is still a very untapped market by saying: “With our operating advancements and technological enhancements, we have made yet another sizeable leap to grant more banked and unbanked people access to leverage their blockchain assets to accommodate the need for traditional fiat-based transactional living.”
The new expansion is a stark contrast to the news a few weeks ago that SALT founder and former CEO, Sean Owen, was to leave the company, which sparked negative news and fears that SALT was just a scam and it was exiting the market. In hindsight, this couldn’t be further from the truth. It seems that SALT is moving forward at rapid speed as opposed to being a scam.
As rumors mounted in the aftermath of Owens leaving the company, SALT denied it was insulant and confirmed that it “remains strong” and “fully focused” on continuing its expansion in response to the claims.
As cryptocurrency-backed lending becomes more accessible to the masses, this move by SALT to expand across the U.S. is a great move for not only the firm but also for the hordes of crypto users who need to leverage their holdings to get a loan.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.