Crypto Backed SALT Suspends Loan Request
The Colorado-based digital lending platform, SALT i.e. Secured Automated Lending Technology that was launched in 2017 was the first such platform to enter the digital currency marketspace. At the time, SALT asserted that it has issued more than $23 million blockchain based loans. Besides, it expressed that they had an interest for about $1.3b more loan request pending that they would address.
The thought behind SALT easy cash loans online was to get another methodology through blockchain the lending space. The platform utilized the digital currency among other blockchain based assets held by the member as a collateral to issue cash loans. Be that as it may, an outstanding point is that amid the time the crypto asset is in collateral, any appreciation or deterioration is possessed by the borrower as the asset remains the property of the borrower.
In any case, it would appear that the company is at last understanding the degree of the circumstance:
“Due to the enormous demand and loan requests, we will be temporarily suspending new membership registrations, loan requests, and purchases of SALT on our platform. Existing members will still be able to deposit SALT on the platform and upgrade their membership in the interim. We plan to begin adding members and turn on all associated features as soon as we have satisfied the automation of our current loan process and have served the current pending loan requests.”
The lowest loan grant restrain by the company is 5,000 USD. In the plan of action of SALT, the greater loans are floated by the approved investors having a total worth of more than million dollars.
Evidently, the company is attempting to maintain its emphasis on platform versatility or possibly that is the thing that SALT says as expressed by them:
“The process of scaling and automating our processes and technology has been progressing well but we’ve recognized an opportunity to focus our team’s time and resources on this important goal and on addressing the existing demand before we continue to add new memberships and loan requests.”
This move surely won’t help SALT’s situation in the market. Begun with some place around $6.50, the company experienced a ton of high points and low points. Presently, the price of SALT is riding at $3.84 at the time with a market cap of $207,276,194 USD.
While stopping the features briefly, SALT has likewise announced that they will work on its platform to address any requests that they may need to experience in future.
