Renowned yet controversial blockchain-based loan provider, SALT has added support for Litecoin (LTC). The blockchain-based loan provider firm SALT has a simple business model. It lets its users, and consumers, who request for a loan to hold their digital asset tokens and cryptocurrency tokens as collateral. Furthermore, this collateral guarantees them some amount of loan in cash, which they can pay in interest later.
SALT had support for renowned cryptocurrency and digital asset tokens like Bitcoin (BTC) and Ethereum (ETH). SALT lets the users and investors, to keep their cryptocurrency and digital asset tokens, in collateral. Furthermore, in exchange for those, the users receive Fiat currencies such as the United States dollar.
Through the loan provider firm SALT, users, traders, and investors can now hedge their assets. These digital asset tokens and cryptocurrency are kept as collateral. Furthermore, this lets them store this, and not directly exchange, or liquidate the cryptocurrency and digital asset token.
About the Announcement
The official Twitter handle of Litecoin made the announcement, along with a post on their official blog. The tweet simply stated this, “SALT adds Litecoin (LTC) to its Blockchain-Backed Loan Platform.”
Litecoin stated more about SALT on their official blog. “SALT distinguishes itself as the premiere liquidity provider for large crypto investors including individuals, mining operations, exchanges, and other institutions in the blockchain ecosystem.”
SALT is based around their native digital asset token $SALT. Furthermore, the token is working on the concept of the Ethereum token ERC-20 and was launched in 2017. To become a member, a user needs to hold some $SALT token.
SALT offers loan in the range of $5000 to even $25 million. Moreover, much large amounts of loan are also available. The interest rates on the loans below $75,000 are as low as 5.99%. The rates are 11.99% for amount of loan till $25 million.