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SALT: Leveraging Blockchain Technology to Optimize Lending Processes

Blockchain technology has revolutionized the way we make transactions on the internet. Be it valuable information, currency or any other form of asset, blockchain technology helps us to move it from one place to another with enhanced security and ease. Apparently, various industries have shown interest in adapting this technology. Needless to say, blockchain technology can be a potential tool for industries that are involved in valuable transactions like banks and Non-Banking Financial Companies (NBFCs). Many companies have already started leveraging blockchain technology and have introduced all-new services in the financial sector. One of these companies is SALT.
Founded in 2016 in Denver, SALT is smartly leveraging blockchain assets. Through its platform, SALT allows cryptocurrency holders to secure cash loans by collateralizing their blockchain assets. Simultaneously, its services provide opportunity for exposure to this evolving digital asset class. SALT is committed to advancing a global blockchain-based ecosystem. The company has a member base of more than 70,000 and currently operates globally with a commitment to further expand its licensed lending jurisdictions.
SALT currently offers loans collateralized by Bitcoin, Ethereum, and Litecoin to its customers around the world with a goal of expanding its platform to accept additional digital assets as collateral. The company is also continuing to broaden its product offerings based on customer needs.
Adding Value to the Industries
SALT is contributing not only to the blockchain industry but to the financial services industry as well. The company seeks to advance the use of blockchain technology in modern society, as well as democratize loan access by enabling crypto holders across the world to secure hard cash loans through collateralization of their digital assets. Through this approach, it also seeks to maximize flexibility of loan terms for customers in all of its lendable areas.
The “One for ALL” Leader
Bill Sinclair holds the positions of Interim President and CEO and Chief Technology Officer at SALT where he is responsible for driving the strategic direction of the company, facilitating the development of a best-in-class software platform, and creating long-term enterprise value for shareholders. With more than 20 years of experience in techology and software, Bill has managed IT departments and software development teams as well as executed on global strategies across industries including finance, energy, and Internet of Things (IoT). Bill’s domain expertise in the energy industry guided a prior venture, Agelio Networks and the development of MineralFile, a patented SaaS platform for revenue tracking and land management in the oil and gas industry. Specifically, he brings three areas of expertise essential to SALT’s success: experience with building technology companies, a strong understanding of the financial services industry, and a natural, proven ability to assemble solid, high-performing teams.
Standing Ahead with its Distinctive Features
SALT is one of the few companies that lends in fiat currency—something that sets it apart from other industry players. With a primary goal of serving large clients, SALT’s offering—live portfolio valuation, around-the-clock global support, a range of competitive rates, flexible loan terms, and a proprietary custody solution— enables it to meet the needs of individuals and businesses alike, making it the ideal loan solution for a wide range of clients. Additionally, SALT’s proprietary technology enables it to conduct transactions on the blockchain and will help it to scale quickly in the future.
Optimizing Lending with Blockchain
As blockchain technology and cryptocurrency became more widely adopted, SALT’s founders recognized a hole in the market that traditional banks and lenders could not fulfill. With an understanding that many crypto holders treat their digital assets as a highly valued investment, it only made sense that there should be a way for these holders to secure a loan by collateralizing them, just as a traditional lender will permit borrowers to collateralize a house or car. No longer should crypto holders have to sell their assets to access hard cash. Keeping this in mind, SALT was among the first set of companies to offer blockchain-backed loans in fiat currency—an incredible achievement that has opened up new opportunities for crypto holders across the world. As SALT’s business continues to grow and evolve, the company is constantly learning from its customers, responding to their needs and requests in the form of future product offerings.
Aspiring Leadership Goals
SALT has numerous goals it is working toward with the overarching objective being to provide as many blockchain-based loans to as many clients as possible, and to be able to do so in a way that is easy and transparent to its lending community. Other long-term goals include its continued growth and expansion of lendable areas including the entire United States. Over time, SALT also seeks to increase the variety of blockchain assets that can be collateralized for loans, as well as add new products for crypto holders from both a consumer and business perspective. On the investment side, SALT is continuously in conversations with investors to bring in capital that can be lent out to meet borrower demand.
Source: The 10 Most Disruptive Blockchain Solution Providers, 2018 October2018