SALT---> Hold your crypto assets, get your cash---> Blockchain Backed Loans....With Holiday spending on the Horizon lets take a look at this project...
With over 1000 crypto related currencies/coins, tokens and assets, its getting difficult to keep up with an ever growing list of projects that are added on a daily basis. The ecosystem is budding with inventions and innovations offering eye popping returns on successful investments. The mechanics behind the likes of Bitcoin, capped at 21 million coins, governed by economic rule of 'Supply and Demand' inspired by the rarity model of gold makes this investment opportunity irresistible. In fact, Bitcoin has been the best performing currency since 2010 and the mechanics mention above points to further rise in value. Thus, I would like to recognize a project which I believe offers a product that would benefit from the rise of this expanding class of assets and offer good returns. This project is called SALT.
What is SALT?
SALT is a blockchain-backed lending platform that allows users to leverage their blockchain assets to secure cash loans. Similarly to traditional lending facilities where borrowers use their homes to secure cash loans, SALT uses the borrower cryptocurrency asset holdings to secure 'cash' that they can use for whatever they like. The cash is deposited directly to their bank account and allows the borrower to maintain their cryptocurrency position and avoid the less favorable tax scenarios that would arise when they convert their asset/ coins into fiat currency.
SALT makes the loan process extremely simple by focusing on the borrowers actual blockchain assets and not the traditional credit scores that are used by banks or other lending institutions. Once the borrowers meets the necessary requirements, their blockchain assets are secured in a fully-audited secure architecture governed by Ethereum ERC20 smart contracts for the duration of the loan period making it an extremely safe and reliable process.
Who can benefit?
Anyone with a cryptocurrency holding, at the moment of writing this post some restrictions apply and these loans are primary available to US, Canadian and Ireland citizens but the company is rapidly expanding its territory and more countries would be added soon. Some loans may be subject to Anti-money Laundering (AML) checks and Know Your Customer (KYC) verification processes.
Businesses who accept cryptocurrency as forms of payment, may also tap into this facility if they believe that their holding would rise in value and thus benefit greatly from this appreciating asset class. Here are some of the available products.
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Here is the Roadmap and some achievements
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Here is the Team, from Leadership to the tech guys and Advisors
Probably one of this project most valuable asset, being backed by some of the biggest name in the industry, people within the space that has achieved tremendous success and has given 100% support behind projects they are involved in. This project include the likes of Erik Voorhees, the man behind Shapeshift, among others. Here is the list
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These are just a few of the names that are behind this project. This project also enjoys some strategic partnership that include ShapeShift, Exodus, Jaxx, Cryptotronix, etc.... over 12 well known names in the cryptocurrency space.
This project has been recognized by Forbes, Nasdaq, Bitcoin Magazine, and the Bitcoin News Service to name a few. At the time of writing this post, here is how it is position in the market
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In summary, I believe projects like these that offer a project in a rapidly expanding asset class should be apart of your portfolio. While I encourage everyone to do their due diligence to know whether this product would fit your profile, it affords you the possibility of holding your cryptocurrency asset and avoiding unfavorable tax scenarios that would arise when you convert your assets into fiat currencies. This is certainly a project to keep a close eye on and take advantage of the products that it would offer. With the Christmas season on the horizon, projects like these offer real everyday solutions taking cryptocurrency to the mainstream.
Sources
https://www.saltlending.com/
https://medium.com/@BambouClub/best-and-worst-performing-currencies-in-2015-d1e62088bc29
http://www.nasdaq.com/article/salt-enables-traditional-lending-secured-by-cryptocurrency-cm794859
https://coinmarketcap.com/currencies/salt/
The concept behind SALT is interesting, but I think their system is going to be exploited by hackers looking to launder their loot. They can lockup and the crypto on their platform and cash out to accounts setup with stolen data. How do they protect against attacks like that?
I see you point, but there is point where I highlight certains loans would be subject to Anti-Money Laundering checks and their own proof testing....its all on the blockchain, the trust built in the system, you are match base on your holding and depending on that you get approval...remember the blockchain is a public document so it is possible to look at those very transaction, that's another story if you consider anonymous coins but I believe it would all work out....the fiat launders everyday and I am pretty sure quite a few of those loans are backed up by absolutely nothing....
hey mate been a while! im holding salt! :)
Man I am holding up my end, recovering from Hurricane Irma, I took a beating but still alive so I am grateful.....SALT is easily a 100 dollars coin, when I read objectives of the project in an expanding market class like cryptocurrency where everyone is trying to hold on to their Bitcoin, this project would be huge, just the concept of appreciating blockchain holding as an asset class that can be leverage is enough to trigger a market evolution, its like your home, you get to keep it while tapping into the credit line it affords you....what makes this project exciting, crypto is an appreciating asset class and trust is built into the platform so its a no-brainer, you can buy more of it and use the profits to pay off the loan and if you are a business, you can boss the market by getting cash to meet obligation and increasing your holding and thereby net worth of the business significantly improving your bottom-line.....i read this and I was like, this is the definition of innovation
using salt and populouse in conjunction FTW! :)
I agree that SALT is a great investment!
Its an evolution to what we consider asset class and how we can now use it just like we do with our homes to make available cash that we can use as demanded...its a project to keep a close eye on
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