SALT Expands Lending Opportunities to Businesses in Australia

Image for post

Having participated this week in the ADC Global Blockchain Summit held in conjunction with the South Australian Government and the Australian Digital Commerce Association (ADCA) in Adelaide, SALT is actively incorporating its technology services into the burgeoning Australian market. With a particular focus on strategies and practical applications for business growth via blockchain technologies and systems, SALT spoke to the Summit’s key topics from experience intersecting business, public policy, and the regulatory environment.

Australia has demonstrated a keen interest in developing its blockchain industry. The Ministry for Industry, Science and Technology today announced a blockchain roadmap with AU$100,000 in federal funding for “regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.” Working directly with blockchain businesses at the ADC Summit, SALT is deploying its Software as a Service packages, which allow traditional companies to easily add cryptocurrency and blockchain offerings into their product portfolio including lending technology, wallets, monitoring, and blockchain analysis. With Australia’s continued commitment to developing blockchain services responsibly, SALT looks forward to working with interested parties and stakeholders across the Australian market to bring their vision into reality.

Crypto companies looking for extra liquidity to expand their businesses, such as exchanges or mining companies, can join SALT and apply for a crypto-backed loan.

As SALT continues to grow, we remain focused on further expanding our technology products, allowing both crypto and traditional companies to integrate blockchain services into their software stacks.

Evaluating Interest-Bearing Crypto Accounts

By Zev Shimko, Jenny Shaver and Blake Cohen

Image for post

The latest offering in crypto custody is an interest-bearing crypto account. Although marketed similar to cash deposit savings accounts offered by traditional banks, the structure of this type of interest-bearing crypto product is more closely analogous to securities lending and should be viewed as such when assessing the risks associated with placing crypto in an interest-bearing account.

There are certainly benefits to interest-bearing crypto accounts — namely the ability to earn a return on a custodied asset beyond its possible appreciation value. However, those interest benefits aren’t without their own risks. Here are some important considerations when assessing if an interest-bearing crypto account might be suitable for your risk appetite*:

When opting for an interest-bearing product, your crypto assets may be commingled (where funds belonging to one party are mixed with those of a second party), and rehypothecated (practice whereby a broker or lending agent uses assets in their possession, but owned by their customer, to invest with or lend to a third party). In this structure, your funds may be taken by your custodian (acting as a lending agent), pooled with other assets owned by other customers of your custodian, and lent to a third-party. As a result, and in return for interest payments, you may forfeit several rights associated with your crypto assets. For example, you may be unable to quickly withdraw your crypto in whole or in part and you may lose, due to the commingling of your assets with assets owned by other customers, the ability to independently verify the security of your assets on-chain. Instead you may be supplied with a percentage statement or value statement regarding your interest in the crypto collateral you deposited into your account.

With a traditional bank savings account, your cash deposits may be lent to other financial institutions and vetted borrowers who have a multitude of options for generating wealth with the borrowed funds. In many cases, these traditional bank accounts are also insured and operate within strict regulatory guidelines and limitations on the collateral percentage, number of parties, among other restrictions for and to which the deposited assets can be lent, distributed, and relevered. These regulatory guidelines and restrictions prevent traditional financial intermediaries of this type from participating in some high-risk lending behaviors when it comes to their customer assets, but do not, generally, prohibit the rehypothecation of deposited assets under certain conditions. These intermediaries then cover their costs, not by the fees charged on the interest-bearing customer accounts, but through the income generated by lending and investing those assets during the rehypothecation process. While this process seems straight forward and analogous to what might happen with the crypto you deposit in an interest-bearing account, some additional crypto market specific comparison will help to highlight the difference in rehypothecated use between cash denominated and crypto denominated accounts.

While there are certainly financial institutions which take short and long positions on various currencies, the typical use case for rehypothecation in cash accounts is the lending or investment of the cash deposited directly to a third-party and not for direct speculative purposes in that asset. However, for many institutional crypto holders, the primary use case for generating returns with crypto assets is often to take a speculative position on the asset itself. An institution with a bearish view on the market, for example, may look to short sale opportunities — borrowing crypto and immediately selling it in hopes of a future purchase at a lower price to close the position. The institution will only net a profit if the value of the crypto falls below their initial sale price, which means you and the counterparty borrower are betting on opposing outcomes. As a HODLer of crypto assets, it’s important to understand the motives of each party involved aside from what traditional rehypothecation in cash accounts might suggest. This comparison highlights the operational difference in the rehypothecated use of cash deposits and crypto deposits in interest-bearing accounts and should motivate anyone seeking to deposit their crypto into such an account to carefully inspect the intended and permitted uses of the assets they plan to deposit.

Any custodian or intermediary entrusted with your crypto may be required to act in a responsible capacity either by their position as a custodian or fiduciary or by some applicable regulatory regime. However, there are still strategic and operational choices which may put your assets at risk. For companies offering interest-bearing crypto accounts, how might they be regulated? Traditionally chartered banks, for example, are regulated by the FDIC and must carry insurance and maintain fractional reserves to address withdrawal, and other requests without becoming overextended. Lending intermediaries are also often required to maintain capital reserves to cover risk exposure of defaults in capitalized accounts and through bonds or other insurance policies.

Given that crypto regulation is scant, the savvy crypto account holder may want to make a detailed investigation of how and through what methods companies offering interest-bearing crypto accounts have structured their risk mitigation. For example: Does the company carry insurance for your assets? What is the claims process in the event of an incident? In a relatively nascent industry, transparency of risk mitigation protocols should be table stakes for any interest-bearing products. In addition to the primary lender or custodian involved, downstream market participants face similar responsibilities as any loss throughout the ecosystem may lead to direct counterparty effects.

As an extension of assessing operating risk, a savvy account holder should also understand how counterparty risk is being mitigated and which or what counterparties may be involved. When it comes to borrowers of your crypto assets, who are they and how have they been vetted for their own operational risk? Should a third-party default on their obligation, what are the implications for your account? For loan agreements, it’s important to know how they are being structured to mitigate default risk. For example, in securities lending, borrowers are often required to post collateral. In this case, it’s important to understand what the lender is doing with the collateral and how the collateral account is being managed. Is the collateral itself being rehypothecated to earn additional returns? If so, what are those direct or indirect investments and how risky might they be? Transparency and accountability are key and so is a keen eye for the fine print.

Since all-time highs, the price of Bitcoin has dropped roughly 80%, with the largest recent weekly drop of 22% and one-day drop of 12%, both in November 2018. Heightened volatility is no stranger in the cryptocurrency world as the market can turn meaningfully in a period of days, or even hours. It is important to take note of an extended lock-up period (or simply a delay in withdrawal) associated with any interest-bearing deposit account as any delay in or restriction on your ability to liquidate or transact your assets may subject you to additional market risk. Alongside normal course market volatility, an increase in borrowing crypto for the purpose of a taking a short position, especially if undertaken by a large subset of holders in a particular asset, may potentially exacerbate any downward pressure on price, heightening lock-up risk through increased intensity in negative peak volatility.

Before depositing crypto into an interest-bearing account, take a look at the fine print. Returns initially quoted may carry restrictions on the period of time they are available, may require additional deposits or transfers, and may have additional caveats regarding market conditions and other impediments. It is important to understand the process and any notice requirements or promises made by your lender or custodian for any changes to the quoted interest rate. Depending on the size of the custodian or lender, interest bearing accounts which carry guaranteed interest rates may require significant cash outlays by the custodian or lender as a cushion for the quoted returns. Understanding the custodian’s cash and balance sheet position may also be important depending on the amount of crypto being deposited.

There is a place for interest-bearing accounts in the crypto ecosystem and as the market matures so will the terms and safeguards associated with these accounts. In the meantime, you must seek transparency for how your funds may be distributed and how risks are being mitigated. It’s important that you request adequate information, and that you handle your crypto assets with a full understanding of the risks and tradeoffs. Happy HODLing.

  • None of the information contained in this post should be taken as investment advice or any suggestion for or against the suitability of any interest-bearing, custody, or other crypto currency product for any investment, diversification, or market strategy. Salt does not offer investment advice. Please speak to your advisor, tax accountant, and/or legal counsel regarding the suitability, risks, and legality of any crypto market position or strategy. Salt is not a bank and is not FDIC insured. Please see www.saltlending.com for additional information, references, and disclosures.

SALT CEO Bill Sinclair responds to Binance delisting

Image for post

Binance announced yesterday that it delisted SALT Memberships from its asset exchange. Binance’s announcement and action came as a surprise to SALT as we did not receive any information requests or opportunity to refute the inferences in Binance’s announcement. SALT adamantly objects to Binance’s announcement which provides the basis for which it delists a token but does not make any specific allegation against the list of companies, thus creating false negative implications.

Binance has not requested any information from SALT to enable Binance to make a decision relating to its now publicly listed criteria and acted irresponsibly in insinuating that any of the criteria is true of SALT.

SALT would like to take the opportunity to reaffirm our commitment to you, our products, and the blockchain industry. We sell SALT Membership units and offer refunds when they are purchased directly from us and not removed from our platform. This has been the preferred method of buying our Membership units since inception. A number of exchanges, including Binance, have made hundreds of thousands of dollars in fees by reselling our Membership units. SALT has never profited directly from any third party exchange activities. SALT Membership units have always been the primary vehicle for utility on our platform and we are committed to the expansion of this utility as our business grows. Today there are millions of SALT Membership units held on our platform by thousands of members.

SALT is a team of over 70 passionate, dedicated employees and professionals around the globe. We are proud to have the best customer support team in the business responding to phone, email and social media requests around the clock. Among our many employees is our talented and dedicated team of developers who have committed over 18,277,688 lines of code across dozens of software services in the year 2018 alone.

Additionally, SALT is continually enhancing its communication and today operates through a number of public channels including the following:

SALT has not and does not engage in fraudulent or unethical activity nor have we suggested publicly, without evidence or context, that any other company has done so. Binance never responsibly contacted SALT regarding any due diligence inquiries.

SALT is committed to responsible business practices. We pride ourselves on engaging with our customers, partners, regulators, and the media when it comes to requests for information.

We are dedicated to advancing blockchain technology and to building a healthy and sustainable crypto ecosystem. Two of our co-founders serve as members and advisors to groups that share a similar goal. These include the Organisation for Economic Co-operation and Development (OECD) and the Colorado Council for the Advancement of Blockchain Technology, created by Governor Hickenlooper. Additionally, we are an active member of The Digital Chamber of Commerce and frequently sponsor events that drive awareness and adoption of blockchain technology globally such as the Asia Blockchain Week, North American Bitcoin Conference and ETHDenver.

At SALT, we define success not by the number of exchanges on which we are listed, but by our efforts to help shape this new economy. We remain focused on product development and driving awareness and adoption of blockchain technology. Our goal is to provide our customers with the products and services they need to participate in the blockchain space. One of our core values, integrity, is matched only by another of our core values, grit. We will continue to work tirelessly to deliver outstanding products and services, and will not be moved off that mark by anyone, for any reason.

Thank you for your continued support, as together we remain focused on building a successful software services and lending enterprise.

Bill Sinclair

Interim President & CEO and Chief Technology Officer

SALT

Loan to Value (LTV) Explained

Image for post

When you apply for a traditional loan, the lender uses your credit score, as reported by third-party credit agencies, to determine your credit worthiness or financial “reputation.” The higher your credit score, the lower the risk. To offset your credit score or in some cases even completely remove it from the equation, you can apply for an asset-backed loan. With this type of loan, you can offer up your assets — anything from your house or car to your stock portfolio — as collateral to act as “insurance” for the lender. In asset-backed lending, borrowers typically secure loans for an amount that’s less than the total value of the collateral.

The measurement of the balance of the loan relative to the value of the collateral asset is represented as loan-to-value or LTV. For example, you may have a loan for $320,000 for a home that is valued at $400,000, in which case your loan is 80% of the total value of the home.

As an asset-backed lender, one of the things that makes SALT unique is that we don’t even look at your credit score. With a SALT loan when you have collateral — whether you’re unbanked, haven’t accumulated credit, or have poor credit — you can still get a loan. Instead, SALT uses loan-to-value of your collateral to assign risk. As LTV is a measure of risk, the lower the LTV, the lower the risk for the lender (and therefore the lower the interest rate for the borrower).

How is LTV calculated?

Good question.

LTV is calculated as the loan amount in USD divided by the value of the collateral in USD, expressed as a percentage.

Image for post

As an example, if you have a current loan balance of $100,000 and your total collateral asset balance is $200,000, you have an LTV of 50%. To make things easier, we’ve added an LTV Helper to the borrower portal that illustrates exactly how the LTV is calculated. See below.

Image for post

Understanding LTV and how it’s calculated is essential to making an informed decision about your loan terms. Liquidation events benefit no one, which is why we provide the tools like our automated notification system to help you avoid them. Before you apply for a loan, you should ask yourself:

  • How much do I need?
  • How much total crypto do I have?
  • Am I prepared to deposit more crypto if necessary to lower my LTV?

Once you answer these questions, you can choose the LTV that’s right for you.

Starting LTV

When you are taking out a loan against your crypto assets with SALT, you presently have 3 options for your starting LTV; 30%, 40% and 50%. The starting LTV will determine approximately how much (in terms of dollars) of the crypto asset you will need for that loan.

From the example above, for a $100,000 loan, you would need $200,000 in Bitcoin, Ether, Doge, or Litecoin to secure the 50% LTV loan option. For a 40% LTV, it would be $250,000 and for 30% LTV, it would be approximately $333,333.

Image for post

Using LTV as a measure of risk, the 30% LTV option is the lowest risk.

Why is a lower LTV seen as less risk?

As the LTV goes up, the value of the underlying asset goes down. In the case of a crypto asset-backed loan, the value of Bitcoin, Ether, Litecoin, or Doge is trending down.

If the price of the crypto asset falls too low, the LTV will continue to increase. As it approaches 100%, there is a threshold where the collateralized asset will be sold to pay back the loan. This is known as the liquidation threshold. This threshold can vary from business to business and loan to loan.

For our example, let’s say the liquidation threshold is set to a 90% LTV.

When the LTV ratio reaches 90%, the crypto asset will be sold to reduce the LTV back down.

Image for post

Timeout. Liquidations!?!

At SALT, we pride ourselves in having a robust notification system that relays important account activity to borrowers via our portal, text, phone calls, and emails. We give you control of how you want to be notified about each activity. You can be notified of everything from deposits and withdrawals to LTV warning thresholds.

Image for post

As a borrower, you always have the option to transfer more collateral at any time.

Back to LTVs.

Why does this matter?

As you might be aware, the price of Bitcoin (or any crypto asset) can move up and down. As the price moves up, your LTV goes down. As the price moves down, your LTV goes up.

Image for post

To build on our earlier example of a $100,000 loan with a 50% LTV, let’s use Bitcoin as the underlying crypto asset. In this example, let’s use $4,000 as the US dollar price of 1 Bitcoin.

Loan Amount = $100,000

Starting LTV = 50%

Price of 1 Bitcoin = $4,000

Doing the math $200,000/$4,000, you would need approximately 50.00 BTC to get a $100,000 loan with a 50% starting LTV.

Bringing it all together!

From above, assuming the liquidation threshold is set at 90% LTV, the price of 1 Bitcoin would need to go all the way down to approximately $2,222 to raise the LTV up to the liquidation threshold of 90% LTV.

A $100,000 loan with a starting LTV of 40%, would require 62.50 BTC at a price of $4,000 per Bitcoin. However, the 90% liquidation threshold would not be reached until the price of 1 Bitcoin went down to approximately $1,778.

Repeating the example with a 30% LTV, you would need 83.33 BTC at a price of $4,000 per Bitcoin and would reach the 90% liquidation threshold when the price of 1 Bitcoin was approximately $1,333.

Image for post

Image for post

STABILIZE IT

Image for post

Today we’re proud to announce a partnership with CENTRE Consortium to accept USD Coin (USDC) as collateral.

A product of a collaborative effort between, Coinbase, Circle, and the CENTRE Consortium, USDC is a new stablecoin backed by the US dollar. According to Coinbase, “One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain” and “each USDC is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves.” From a credibility standpoint, Circle has partnered with accounting firm Grant Thornton LLP to conduct monthly audits of US dollar reserves backing the number of USDC tokens in circulation.

Why add USDC?

We’re constantly evaluating and analyzing new collateral options to determine how a given collateral will benefit our customers. Typically, we base our decision to add a new collateral type on a number of factors including the voting feature on our borrower portal. In this case however, we deliberately chose to add USDC in direct response to the market volatility we’ve recently experienced.

When there’s volatility in the market, it directly impacts your LTV, which can result in an undesired loss of collateral. We’ve heard your feedback regarding the need for transfer options that can be implemented on nights, weekends, and holidays. We’re adding USDC to the mix because we want you to keep your crypto, markets don’t.

By adding USDC we’re providing a quick, easy way for you to stabilize your LTV when there’s a rapid drop in the market. Given it’s backed by the US dollar but isn’t wholly tied to the U.S. banking system, you can transfer USDC as collateral at any point in time to bring your LTV back down. Now, rather than waiting for the bank to open to lower your LTV with a wire transfer, you can take immediate action when you notice your collateral is declining in value due to market volatility.

With the addition of USDC, SALT now offers loans backed by Bitcoin, Litecoin, Ethereum, DOGE, and USDC — you can secure a loan backed 100 percent by a single collateral type or combine them in a way that works for you.

Interested in applying for a loan? Sign up here. Or visit saltlending.com to learn more about SALT’s offerings.

Read more about the USDC Ecosystem.

California, Here We Come

Image for post

We’ve been California dreamin’ for a while now and guess what? It’s no longer a dream. That’s right. As of today, we’re officially checking into the Hotel California.

310? 415? It doesn’t matter. We love L.A. And we love the Bay. And it’s not just because the West Coast has the sunshine and the best waves. We surf, too, but like, on the Web.

Whether we’re driving down the 101 or the 99 (we’re here for you CenCal), at SALT we’re always cruising. But mostly we keep on growing. Between the addition of D.C. last week and California this week, we’re making Blockchain-Backed Loans™ accessible to a lot more businesses and a lot more people — in California’s case, 39 million more people.

We’ve heard somewhere before that you all know how to party… in that case, we’re hella stoked to serve you.

­­­­­­­­

Visit saltlending.com to apply for a loan.

Image for post

SALT Expands U.S. Reach to 86%, Offers Blockchain-Backed Loans™ in Washington, D.C.

Image for post

We’re now offering Blockchain-Backed Loans™ in Washington, D.C., Oklahoma, Arkansas, and Montana, meaning we can now lend in 86 percent of the United States.

As SALT continues to grow, we remain focused on continuing to expand our lendable jurisdictions not only within the United States, but throughout the entire world. “We recently announced a significant increase in our international jurisdictions and have continued to build upon that progress over the past couple of months,” said Bill Sinclair, CTO and Interim President and CEO of SALT. “With the addition of our nation’s capital and three other U.S. jurisdictions, we’re that much closer to achieving our goal of being able to provide loans to the entire country.”

For more on SALT’s lendable jurisdictions, visit saltlending.com.

Image for post

Pass the SALT, Grow Your Wallet

Image for post

Love SALT? Tell your friends about us! Many of you have already been spreading the word about SALT and have helped us grow our community (Thank you!). That’s why starting today, we’re offering $50 in Bitcoin to you and your friends when they take out a Blockchain-Backed Loan™.

How does it work exactly? Like this:

Step 1: Log in to your SALT account to access your unique referral code

Step 2: Share it with the world

If you don’t already have an account, sign up today to get your code and start growing your wallet.

Just share your code or link with your friends via email or use the hashtag #PassTheSALT to share it with your Twitter community — as soon as someone achieves an active loan status using your referral code, you’ll both receive $50 in Bitcoin from SALT. It’s that simple.

SALT: A Better Way to Unleash the Value of Your Blockchain Assets

Image for post

There are a lot of loan offerings out there for blockchain assets, but none of them are quite like SALT.

Let us tell you why.

At SALT our guiding principle is to put you first — and that means offering more than just Blockchain-Backed Loans™. We strive to offer the highest level of service and security because we’re committed not only to helping you make the most of your digital assets, but to helping you keep them safe.

Here are a few ways we’re staying true to that commitment through our offerings.

Image for post

Security is imperative when it comes to maintaining safe custody of your assets and it’s a top priority at SALT. Here are just a few features we have developed to ensure the safety of you and your assets:

· Offline storage and generation of all platform wallet keys — plus, our key management controls are CryptoCurrency Security Standards (CCSS) compliant

· Multi-signature wallet protection — requires multiple independent signers to access funds

· Multi-factor enrollment required and user passwords protected by SHA256

· TLS (SSL) protection for all website traffic with industry-standard RSA 2018 encryption

· Ongoing third-party penetration testing and platform assessment

· Multiple layers of network and application firewalling

Aside from the above, one of the features that sets us apart from other lenders is that we don’t commingle your assets. Instead we create a unique multi-signature wallet for each of you, as well as for each individual collateral type you put onto the SALT platform — an added layer of security given your assets are never pooled with the rest of the user base.

Image for post

What better way to track your assets than to know exactly where they stand?

At SALT, we believe in transparency, which is why we’ve built technology that enables us to track the values of multiple collateral types from multiple exchanges by calculating the volume weighted average. With the ability to pull this data in near-real time, we can provide the most stable as possible price of your collateral to protect it in the event of an exchange experiencing issues. Because of this technology, we’ve also been able to develop a near real-time Loan-to-Value (LTV) monitoring system. These capabilities combined allow us to provide you with the information necessary for you to simultaneously track your loan health and portfolio value at any time. Even when you aren’t tracking these items on your own, our automated notification system helps keep you up-to-date via phone, text and email so you’re alerted if and when your collateral declines in value.

Additionally, as mentioned previously, we refrain from commingling your assets — a major benefit given you can rest assured that your assets aren’t being mixed in with anyone else’s and that they’re verifiable independent of the SALT platform.

Image for post

We want to help you maximize the potential of your blockchain assets and work with you to accomplish your goals. Not only do we offer a quick, simple process for securing a loan, but we’re able to deposit funds into your account as quickly as you’re able to complete the loan process. Simply customize your loan options, apply for a loan, and then transfer your chosen collateral types to the SALT platform, and once your application is approved, we’ll drop the requested funds into your bank account.

Aside from a fast turnaround time and ease of use, there are a few other points to keep in mind about how we do (and don’t do) business.

We DO:

· Currently offer 4 collateral types — Bitcoin, Ethereum, Litecoin, and Dogecoin

· Offer the option to combine collateral types to secure a loan

· Offer flexible loan terms with a variety of APR and loan term duration options

· Lend in multiple jurisdictions around the world, with more expansions coming soon

· Help you secure the best loan terms for you depending on your location and needs

We DON’T:

· Charge origination fees

· Charge prepayment fees

· Run credit checks

· Commingle your assetsImage for post

Navigating the lending landscape — whether it be in the traditional or blockchain sense — can be tricky and confusing, which is why we connect you with a dedicated professional throughout your entire journey with us.

Sign up – once you become a SALT member, we provide you with direct access to experts who can answer your questions and guide you through our platform and offerings — with offices in the Philippines, Mauritius, and Denver, we offer global support that you can either access online 24/7 or via phone during business hours

Borrow – once you become a SALT borrower, we assign a dedicated lending associate to each customer to guide them through the underwriting process; once the loan is funded we assign a Member Success Advocate to be your primary point of contact regarding your relationship with us

Once you sign up, we provide you with access to 24/7 online support followed by access to seasoned lending professionals and a dedicated underwriter throughout your entire journey with us from membership to borrowing. Whether you want to speak with someone via phone during business hours or access online support at any point in the week, you can take comfort in knowing there’s a person who’s dedicated to answering your questions quickly and personably.

At SALT, we operate with a customer-first mindset because you’re the reason we come to work each day. As we seek to add new collateral types, platform features, and lendable jurisdictions, we remain focused — focused on our vision, our contribution to the advancement of blockchain technology, and most importantly on our commitment to helping you unleash the power of your blockchain assets.

To stay in the loop about what’s new at SALT, follow us on TwitterFacebookLinkedIn or Telegram.

Sign up to receive updates and announcements from SALT.

SALT Welcomes Eric Spencer as Chief Financial Officer

Image for post

While in the past couple months we’ve expanded globally, we’ve also expanded our executive team to include its newest member and Chief Financial Officer, Eric Spencer. Eric brings more than 10 years of finance experience in the lending and real estate industries, which will enable him to build out SALT’s infrastructure by establishing key banking relationships and developing a framework for the company’s reporting process.

Prior to his role at SALT, Eric spent five years as SVP Controller for Computershare Loan Services where he oversaw the accounting, finance, treasury, billing, A/P and A/R units of the business, as well as managed seven credit facilities and coordinated “Big 4” audits. Before that he served as VP of Finance and Accounting at Broe Real Estate Services where he was responsible for all 80 real estate assets, which totaled more than $400 million in gross value. Eric also held previous finance positions at AIMCO and Capmark/GMAC.

Despite his primarily traditional financial background, Eric is an avid follower of all things blockchain and is excited for its potential even outside of the financial services industry. “There are so many interesting uses for blockchain tech and the one that stands out to me most is the concept of leveraging it for foodbanks in communities where there’s no cash or currency,” Eric shared. “Blockchain tech has the potential to fight corruption, bring greater equality to certain areas, and hopefully eventually solve some of the world’s largest problems like starvation. It’s a mind-blowing mechanism that if leveraged correctly, can make the world a better place.”

Until then, Eric is looking forward to seeing blockchain tech play a greater role in the financial services industry, especially as it relates to SALT. “I’m most excited about SALT’s growth potential and all that we’re trying to accomplish in the next 12 months,” he said. “We’re

Image for postfocused on some major goals within the organization, and I’ll be working cross-functionally to ensure we have the strategy, infrastructure, and people required to bring our vision to life.”

As Eric focuses on SALT’s goals, he says he’ll keep in mind a philosophy he’s learned from spending time on the golf course — one that will help him and his team not only achieve these goals but also enjoy the journey doing so. “Golf has taught me that sometimes it’s better to not go 120 percent but to go at an even pace,” he said. “It applies to work and life in that sometimes you find yourself working so hard that you lose sight of things, and you don’t enjoy the journey. When you go at an even pace, not only is it more fun,

but you also get better results.”

When he’s not golfing or thinking about blockchain tech, Eric enjoys riding roller coasters, playing sports with his two sons, and going to concerts with his wife (their next one is Justin Timberlake). He also reads a ton. His favorite recent read? The Big Short (pretty fitting for a CFO, right?).

Not only does Eric have an incredible financial background and a passion for life-long learning, but his leadership style has mentorship at its core — all signs of a strong leader. SALT is proud to have him on board as our CFO, and we’re are confident that between his expertise and enthusiasm, he’ll help guide us to where we want to be.