Project Overview
SALT is a credit system that can use blockchain assets as collateral to obtain cash loans. On the SALT platform, users can obtain loans using their digital currency as collateral. Simplifying the application process by focusing on the value of borrowers’ blockchain assets rather than credit scores, borrowers are automatically matched with a vast network of lenders. Users do not need to sell digital currency assets to complete the loan.
SALT's positioning from beginning to end is: to provide a blockchain asset mortgage lending platform based on blockchain technology, users mortgage their own blockchain assets such as Bitcoin, Ethereum, etc., to obtain Fiat Loans.
On the SALT system, users need to earn SALT tokens to participate in the platform and get loans. The more SOM tokens a user spends each year, the more they can borrow. Using the SALT platform, users can derive liquidity from their cryptocurrency holdings without selling like other traditional asset classes such as stocks, bonds, real estate, and commodities. SALT loans are entirely collateral, which means the borrower's credit history is irrelevant. Any user's collateral has the same value as anyone else on the platform, regardless of each user's credit score.
Project Highlights
SALT focuses on solving the liquidity problem of users who hope to hold coins for a long time. At present, this aspect is the rigid demand of many users.
In addition, SALT also supports cooperation with other companies that need:
(1) Hold a large amount of cryptocurrency reserves;
(2) Enterprises that need fiat currency liquidity , such as exchanges, game platforms, ICO projects, miners, etc.
Users need to purchase Salt tokens to become a member to use the services of the SALT platform. There are three levels of membership:
(1) Ordinary members, with a maximum loan of $10,000 each time;
(2) Premier members, with a maximum loan of $100,000;
(3) Enterprise level, up to $1 million, and customizable loan terms.
Scenarios
SALT is the first blockchain-based lending ecosystem project, SALT focuses on its secure automated lending technology, providing cost-effective and fair lending new markets and protect the investments of lenders and borrowers.
The specific process of making a loan on SALT mainly includes the following steps:
1) Loan creation: the borrower sets up a member account, and then forwards its collateral to the SALT Oracle e-wallet . This is a multi-signature block wallet that acts as a collateral repository while automatically managing loan terms.
2) Once the loan funds are approved, they will be transferred to the borrower's bank account.
3) Loan repayment: The borrower pays the lender in a timely manner.
4) Loan Completion: After the loan is repaid, the borrower will return the collateral.
SALT does not perform credit checks on borrowers, but does perform comprehensive Anti-Money Laundering (AML) and Authenticated Customer (KYC) verification checks. Loans earned through the platform are denominated and repaid in traditional currencies.
