🌌Crypto Corner - E9 🌌- What is SALT?
Greetings, Crypto Nation!
Welcome to another episode of Carrie's Crypto Corner.
Today I cover...
SALT
TL;DW (Too Long; Didn't Watch)
- Salt is the first lending platform to facilitate loans collateralized by bitcoin and other cryptocurrencies.
- Salt loan process
- Loan Creation: Sign up for SALT Lending, transfer assets to their SALT Oracle Wallet.
- Once funds are approved, fiat is deposited into borrower’s bank account.
- Loan Repayment: Depending on level, contracts can be 1 hour - 3 years.
- Loan Completion: Once the loan is repaid the collateral assets are released back to the borrower.
- SALT does conduct Anti-money Laundering (AML) and Know Your Customer (KYC) verification checks.
- All lenders must be accredited investors and follow guidelines established by the U.S. Securities and Exchange Commission.
- Currently, only available in the USA. Hopefully, coming soon: Ireland and Canada.
Links on today's show:
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I got into SALT as soon as I saw what they had planned and I'm holding what I have for now adding to it as I can. When some of my other crypto investments mature the plan is to borrow against them to eliminate my debt in the current monetary system without giving up my status in the new crypto monetary system. First I will need enough of a return on my current investments to secure a loan on SALT while still having enough capital to continue investing. That looks like a neat trick that will be hard to pull off right now, but if mass adoption begins to occur this year then I think it may become a reality very quickly.
I totally agree. We are essentially doing the same thing, with the same basic plan in mind. I really think mass adoption may be coming quicker than we think.