1. Founding and History: SALT (Salary) Lending was founded in 2016 by Shawn Owen and Justin Bouchard, with headquarters in Salt Lake City, Utah. The company’s name is a nod to its origin city, ‘Salt’.
- Mission: SALT aims to provide crypto enthusiasts with the ability to leverage their cryptocurrency holdings for fiat loans without selling or transferring their assets. This allows them to access cash while keeping their digital assets in a cold storage environment.
Platform Functionality: Users can apply for loans on the SALT platform using their cryptocurrencies as collateral. These include Bitcoin, Ethereum, Litecoin, and several others. The company doesn’t sell or move the crypto; instead, it holds them in secure wallets.
Interest Rates: Interest rates vary based on market conditions, the type of cryptocurrency used for collateral, and the loan-to-value ratio (the percentage of the collateral’s value being borrowed).
Security Measures: SALT employs multiple security measures to protect its users’ assets. It uses cold storage for holding cryptocurrencies and multi-signature wallets to enhance security. Additionally, all funds are audited regularly by a third party.
Regulation: SALT is compliant with U.S. money transmitter laws in each state where it operates, ensuring that all lending activities adhere to local regulations.
SALT Token: The platform has its native token, also named ‘SALT’, which is an ERC-20 token built on the Ethereum blockchain. The SALT token can be used to pay off loans and offers certain benefits like lower interest rates for token holders.
Expansion: Apart from the U.S., SALT has expanded its services to Canada, with plans to further global expansion in the future.
Partnerships: The company has partnered with several institutional players in the crypto space like BitGo for custody solutions and Coinbase Custody for additional security measures.
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