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Loan lending provider SALT Lending announced that it was extended to 20 new US states on Wednesday
. The company, which allows users to borrow money against their participations in cryptocurrency, is now available in 35 states, including Washington DC [19659002] In addition, a new technology platform for SALT customers has been unveiled today. which according to the company includes updated tools to borrow faster funds and transactions, as well as a new loyalty program.
The CEO of the company, Bill Sinclair, who took his post last month, told CoinDesk that the process of expanding into new states is complicated and that the company's legal team has worked with regulatory experts to ensure that the loans they provide fall within the individual laws of each state.
"SALES loans are and will be structured within the laws, regulations and guidelines provided by each jurisdiction in which the loan is offered," he said.
As such, the platform is recently available to residents of Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine, among others.
The company is currently transferring its current users to the new platform, Sinclair said, adding that, for the reconstruction, "we started with some of the main community leaders and worked their feedback on the nuances of our technology."
"The first borrowers to get loans in the new system were those that previously had applied areas where we were not authorized to lend and were still interested in a SALT loan," he said.
To further attract new members and retain existing customers, the launch of today also unveiled a new loyalty program for members. Called Proof of Access, the scheme allows customers to change their loan conditions using their company token (also called SALT), according to Sinclair
New customers become members by depositing at least one SALT token on the platform. Company and can then bet their tokens to adjust their loan interest rates
Sinclair said that the company plans to continue to develop its platform and, in the future, to introduce micro-loans and qualified custody products, in addition to international expansion.
adding new blockchain tokens to be used as collateral, he said, explaining:
"While blockchain assets continue to grow in abundance and popularity, the technology will have to rotate accordingly … Open the doors to our potential borrowers who they may have selected different investments compared to bitcoin and ethereum will be a key factor to differentiate SALT in the future. "
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