Crypto-backed Loans Provider SALT Expands to 15 US States, 7 Countries

SALT, a provider of blockchain-based loans that use digital assets as collateral, announced its largest expansion wave so far, opening new operations in the US and abroad.

SALT, a blockchain firm that offers cryptocurrency-backed loans, announced on Tuesday that it would expand its business by launching operations in 15 more US states, including Texas, Washington, New Jersey, and Massachusetts. In addition, the company will expand overseas by reaching seven countries, including Switzerland, Hong Kong, the United Arab Emirates (UAE), Brazil, Puerto Rico, Bermuda, and Vietnam.

The move comes after another expansion wave held last month, in which SALT opened offices in 20 US states. Thus, the firm is close to fulfilling its goal of operating in all 50 states.

SALT was founded in 2016 and has conducted a successful initial coin offering (ICO) to release a token for its lending ecosystem. The platform allows clients to get credit by using digital assets as collateral. Thus, the company acts as a bridge between cryptocurrencies and fiat money, enabling users to borrow funds in a smart way. The Denver-based firm claims that its client base reaches 70,000 users in 10 territories. It offers flexible loan conditions and no fees for opening and closing a credit operation.

SALT CEO Bill Sinclair commented:

“The number of cryptocurrency holders has already increased by more than 70 percent worldwide during the past year, which points to the potential of a dramatic increase in loan demand.”

“Given SALT is also one of the few companies that actually lends in fiat currency, we're in a unique position to democratize loan access by providing a multi-faceted loan service to businesses and consumers across the world,” he noted.

Sinclair added that SALT’s expansion was about boosting its international exposure and providing more liquidity to the crypto space.

Last year, SALT partnered with SBM Group, Mauritius' second largest bank, to launch cash lending for cryptocurrencies.