SALT launches crypto lending-as-a-service; announces Cion Digital as first partner

sports car surrounded by crypto symbols including bitcoin and ether signifying crypto lending-as-a-service for auto dealerships

The partnership will bring point-of-sale crypto lending solutions to 5,000+ auto dealerships

SALT and Cion Digital today announced a strategic partnership to bring SALT’s crypto lending solutions to 5,000+ auto dealerships in the US. The announcement marks the launch of SALT’s Embedded Crypto Lending Service, which will enable financial service providers and fintech platforms to rapidly deploy crypto financing solutions. 

Having launched in 2016, SALT was the first platform to offer crypto-backed loans and has since been focused on optimizing its lending technology and servicing operations. Over the past few years the Company has built a full stack loan management and risk platform that manages complex crypto loans at scale. With the launch of Embedded Crypto Lending, SALT is bringing this technology to other platforms, helping them further their mission to offer new and novel products to their customers.

“We’ve been building our direct-to-consumer lending business with the embedded model in mind from the start,” said SALT’s CEO Justin English. “From crypto native wallets and exchanges to large neobanks and traditional financial institutions, market participants are increasingly intent on digitizing their platforms to accommodate the ever-growing demand for crypto, and we’re excited to help facilitate the transformation.”

By partnering with Cion Digital, who recently announced a collaboration with CarNow and their network of nearly 5,000 dealers, car buyers will be able to use their crypto as collateral for loans at point-of sale at highly competitive rates. Car buyers will also be able to use crypto to make a down payment or pay for a vehicle in full. 

“Cion Digital is excited to partner with SALT to offer our extensive network of dealers the ability to turn on this exciting new point-of-sale financing option, which is often a lower cost loan than traditional financing options,” said Fred Brothers, President and Co-founder of Cion Digital. “With almost half of Millennials now owning crypto, we are working together to increase dealer capabilities for this fast-growing market of buyers who want more financing and payment options at the dealership.”

With Cion Digital becoming its first official partner, SALT is already experiencing an increase in demand for its Embedded Crypto Lending Service and plans to announce additional partners in the near future. 

Visit SALT’s Embedded Crypto Lending page or contact [email protected] to learn more.

Auto Dealers interested in learning more about this new point-of-sale financing option should contact Cion Digital at [email protected].

Official press release can be found here

SALT introduces StackWise, offers crypto rewards to loan holders

StackWise logo with wallet showing bitcoin rewards

We’re excited to announce StackWise, our latest product for crypto-backed loan holders. With StackWise, you get a portion of your monthly payment back to your wallet in the form of crypto rewards. Rewards are available in Bitcoin, Ether, or USD Coin — you can choose your reward type and can change it any time prior to your next monthly payment. Once you start stacking crypto rewards, there are a couple of ways to use them: 

  1. Leave the crypto rewards in your collateral wallet to reduce your loan-to-value ratio (LTV) and minimize the risk of Stabilization 
  2. Withdraw your crypto rewards and use the funds as you wish

Note: Anyone with a crypto-backed loan that originated in 2022 is eligible for StackWise. If you have a loan that originated prior to 2022, contact [email protected]. Our Lending Team is ready to help you start earning StackWise rewards by refinancing your loan or extending the current loan terms.

Keep reading for more details on StackWise and how it works.

How it works

How do I know how much of my monthly payment I’ll get back?

With the launch of StackWise, all loans are priced at an interest rate of 9.99% with a net rate (the actual rate after crypto rewards are factored in) that depends on your chosen LTV. You can reduce your net rate even further by redeeming SALT Tokens. Once you know your net rate, you can determine your rewards rate. For example, if you take out a loan with a 30% LTV and you do not redeem SALT Tokens, your net rate will be 7.50%, meaning your rewards rate will be 4.49% (9.99% interest rate – 5.50% net rate = 4.49% rate reduction or what we call “rewards rate”). 

chart showing lending rates and rewards rates

Taking this example, if the loan amount is $5,000 with a 9.99% interest rate, you’d expect to pay $499.50 in interest over the life of the loan. 

With StackWise however, your rewards rate is 4.49%, which means you’ll get back 4.49% of the total loan amount over the course of the loan, effectively making your net rate 5.50%. Therefore if the term of your loan is 12 months, you will receive $18.71 back in crypto rewards each month for the duration of your loan. So instead of paying $499.50 in interest, you are getting crypto back each month, meaning your actual interest paid at the end of the loan will be $274.98, resulting in $224.52 saved on the cost of your loan. 

And remember, the lower the LTV you choose, the higher your rewards rate and savings will be. Add SALT Tokens to the mix, and you can save even more on your loan (and no, you can’t buy SALT from us, but if you already hold SALT, you can redeem it for a lower net rate).

UI of StackWise on desktop showing rates, monthly payments and rewards

How do I review my StackWise rewards in my dashboard?

You can review your rewards anytime via the SALT desktop or mobile app. Once you login to your dashboard, you’ll see everything from your rewards rate to rewards schedule, to your next reward amount and your total rewards earned. You’ll also see a section titled “Receive Rewards in,” which allows you to change your selection between BTC, ETH, and USDC. For example, if you set your rewards to BTC for the first 2 months of your loan and then decide to switch to USDC for the remaining months, you’ll see your initial BTC rewards in your Bitcoin wallet and then will begin to see your following rewards in your USDC wallet.

image of UI for StackWise rewards schedule

Don’t have a loan with us yet? We’d love to work with you!

Introducing SALT Connected Accounts – UPDATED (August 25, 2021)

UPDATE: Due to the fact that Zabo has joined Coinbase, they are shutting down the API for connected accounts, meaning we will no longer be able to offer this feature.  

Want to see all of your crypto assets in one place?

Now you can with SALT Connected  Accounts. 

This new feature allows you to add your external accounts and wallet addresses to track all of your crypto assets right from the SALT app.

With a holistic view of your assets, you can manage your loan more intelligently than ever.


iphone rendering

Get Started with SALT Connected Accounts

Disclaimer: Link your cryptocurrency account via read-only API access or blockchain address tracking. Account data is for informational purposes only and will not constitute loan collateral.

SALT announces the SALT Card

Waitlist now open for the first crypto-backed credit card designed to help you HODL.

Today we announced our concept for the SALT Card, the first crypto credit card that lets you use your crypto to buy anything — from large purchases like vacations to everyday purchases like coffee and groceries– without selling or spending any of your crypto. Unlike other cards on the market that encourage you to spend your crypto, the SALT Card is designed to help you HODL and stack sats by earning bitcoin rewards on every purchase. No credit check required.

Already sold on the concept? Join our waitlist to stay in the know or keep reading to learn more.

Credit card - whether its for video
SALT Credit Card fanning out gif

How will the SALT Card work? 

With the SALT Card, your crypto is your credit. This means we won’t ask for your credit score or do a credit check because your digital assets (not your credit score) will secure your line of credit and determine your credit limit. 

We designed it this way because we know you want to get the most out of your crypto assets without having to sell them. 

How is it different from a crypto-backed loan?

While the SALT Card is secured by your crypto assets, it’s different from a crypto-backed loan in that you can choose to borrow only what you need, and you only pay interest on an existing balance. Like a traditional credit card, if you pay the balance off each month, you won’t owe any interest. Plus, by having a physical SALT Card, you will be able to use it in the same places and for the same purposes as the other credit cards in your wallet.  

What makes the SALT Card stand out? 

Here are just a few of the existing benefits. We’re still in the early stages of developing the card and are currently in search of a card partner.

Benefits of the SALT Credit Card

Once we have a partner on board, we will be able to finalize the card rewards and any additional benefits. In the meantime, we’d love to hear your input on what you value most in a crypto credit card. 

We’re excited to be launching a new product and hope you’ll join our waitlist to receive the latest updates in the development of the SALT Card.

If you are connected to a major credit card partner and are interested in working together, please contact [email protected] We’d love to hear from you and explore opportunities.

Disclaimer: By joining the waitlist you agree to receive marketing communications from SALT. The waitlist does not guarantee that you will receive a SALT Card. SALT Card will be subject to eligibility requirements, including geographic and suitability limitations. Fees and terms are not final and are subject to change at any time in SALT’s sole discretion.

SALT partners with Percent, gives investors exposure to private credit assets linked to cryptocurrency

SALT Now Partnering with Percent

We fielded demand from users to invest in SALT loans for years and are now excited to partner with Percent (formerly Cadence), a leading and innovative financial technology platform providing access and efficiency for investors and originators in the private credit industry.

We are proud to say that we have already successfully funded seven deals with Precent with an average deal size of $1.8MM. For more info, see our deals page. 

Update regarding our supported collateral types

Effective May 25, 2021, we will no longer accept Dash and Doge as collateral for new crypto-backed loans, nor will we support future deposits of these collateral types, but for those who already have Doge and Dash on our platform, we will continue to support and monitor your collateral. Withdrawals will continue to be available as usual for anyone who currently has Doge or Dash on our platform.

We are constantly evaluating our current collateral types and considering new ones based on market conditions and other parameters. Given Doge and Dash do not meet our current collateral requirements, it is necessary for us to remove them from the platform at this time. While we are sad to say goodbye, it doesn’t mean it’s goodbye forever. And who knows? Between Elon’s tweets and Coinbase’s decision to list Doge, maybe one of these collateral types will be back before you know it. Only time (and market conditions) will tell.

In the meantime, we continue to support many beloved cryptocurrencies as collateral for crypto-backed loans including BTC, ETH, LTC, BCH, PAX, PAXG, USDC, TUSD and SALT.

Want to be kept in the loop regarding announcements and products releases? Sign up for our newsletter.

Update: XRP and your SALT account

hand holding a wrench

In light of the uncertainty created by the recent SEC complaint involving Ripple/XRP, we are pausing support for all new XRP deposits on our platform.

Withdrawals of XRP will still be enabled for all users.

If you have any questions about your loan secured by XRP, reply to this email or contact [email protected]

SALT Stabilization: How it Works

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I’ve Been Stabilized. What’s Next?

When your Loan-to-Value ratio (LTV) exceeds 90.91%, we stabilize your loan by converting all of your volatile assets into stablecoin (USDC).

At this point, you will notice that your USDC wallet reflects the total US Dollar value of your combined portfolio. Each collateral wallet balance will show $0. Don’t panic!

How Do I Convert Back to My Original Assets?

To get your original assets back, you will need to manage your LTV and restore the health of your loan to a safe state (83.33% LTV or lower). To do this, follow these steps.

  1. Navigate to the Loan Status page or click “Manage LTV” in the notification module on the dashboard.
Image for post 2. Manage your LTV by either depositing more crypto or making a one-time payment in the Manage LTV Module. Image for post

3. We recommend curing your LTV to a healthy state (<70%), but as long as you have managed it to 83.3% or below, you will be eligible to convert.

4. Navigate back to the Loan Status Page. You will see that your LTV has dropped, but you are still being held in Stabilization Mode.

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5. In the Manage LTV module, you will notice that you are now eligible to convert. Click “Convert Now” to convert back to your original assets or to a mix of any assets we accept as collateral.

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6. The convert tool will default to the percentages of your original collateral mix. You may edit this and convert back to a different collateral mix if you’d like.

7. Click “Next” to review the details of your conversion and then click “Convert Now” to confirm. Once confirmed, you will have successfully reverted back to your asset mix of choice.

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Still have questions about stabilization?

Please call our support team at +1 (720) 575–2272.

How to Grow Your Business Capital Through Cryptocurrency

By Annabelle Pollack

Disclaimer: Buying cryptocurrency is risky. This article is for informational and educational purposes only and does not constitute investment or financial advice.

Cryptocurrency is reshaping the finance and business worlds. Not only has it challenged conventional thinking, but it has provided new avenues for entrepreneurs and business owners to start and grow their businesses in these uncertain times. Many of them have turned to crypto as a way to raise initial capital or to fund ongoing operational costs. If you’re seeking creative ways to grow your business capital through cryptocurrency, there are a few ways to go about it — the most important thing when it comes to getting involved with crypto is doing your research to identify the best avenue for achieving your business goals.

Choose the right cryptocurrency for your business

When it comes to determining which cryptocurrency is the ideal fit for your business, you have several options from which to choose. At the moment, there are already more than 1,000 unique cryptocurrencies in which you can transact. But just as there are blue-chip stocks, a guide to cryptocurrencies by FXCM details how some digital currencies are considered the “gold standard” of the industry. At the top is Bitcoin, which is regarded as the first incarnation of cryptocurrency and is projected to have a market capitalization of $1 trillion in the near future. Next is Ethereum, whose $83 billion market capitalization is poised to expand in the coming years due to its growth potential in the online sphere. Then, there is Litecoin, and its surging market cap of over $18 billion. Bitcoin, Ethereum, and Litecoin are seen as the strongest investments, with Yahoo! Finance noting how a high market cap is indicative of high investor activity. All three are extremely liquid, too, which means they can be easily sold at the market price. Each cryptocurrency is different and may boast specific features that others do not. Some factors to consider as you’re choosing a cryptoasset for your business are security, privacy, transaction speed, block times, market cap, liquidity, and the blockchain upon which the cryptocurrency is built. Once you identify which factors are most important to you, you can narrow down your options and choose the crypto(s) best suited for your business.

Buy and Trade Crypto

Once you’ve done your research, identified your cryptocurrency of choice, and learned the ins and outs of the industry, you can evaluate whether you’re confident enough in your knowledge to move forward with buying and trading digital currencies. That being said, it’s essential to prioritize safety and security regardless of whether you’re trading frequently or buying for the long term. A good way to do that is to find a reputable online cryptocurrency trading platform that can help you buy and trade crypto, as well as help protect your investments. Some trading platforms even offer crypto CFDs (not available in the United States) that don’t require a special wallet or exchange account, but will ask you to speculate on the direction of their price movements instead. You can also invest in several coins at the same time, as doing so may help you mitigate the risk that comes with putting all your eggs in one basket. This way, you’re more likely to see your business capital increase.

Get a crypto-backed loan

In an instance where you need cash but are unwilling to part with your crypto entirely, consider taking out a crypto-backed business loan. As the name suggests, this type of loan is secured by cryptocurrency, offering a way for you to get cash or stablecoin without having to sell your cryptoassets. The amount of cryptoassets you’ll be required to put up as collateral is contingent on a few factors including your loan amount, loan duration, and Loan-to-Value ratio (LTV). If this option appeals to you, a SALT loan might be just what you’re looking for. SALT accepts a dozen coins as collateral including Bitcoin, Ether, and Litecoin, and you can choose one or more of the offered collateral types to secure your loan. SALT also offers flexible loan terms, allowing you to choose your desired loan-to-value ratio from 30%-70% (amount borrowed divided by the value of your crypto), the duration of your loan (3–12 months), and whether you’d like to receive your loan proceeds in fiat or stablecoin. Interest rates are competitive, too. By taking out a crypto-backed loan, you can secure the funds to start a new business or operate and improve an existing one without selling your crypto.

Accept cryptocurrency payments

Another way that a business can generate further capital is to accept payments via cryptocurrency. For instance, Business2Community claims that businesses can lower the transaction fees involved during payment transactions due to the high number of peer-to-peer processing networks accepting popular coins. Compared to traditional methods like wire transfers and check payments, cryptocurrency can be a lot faster and more efficient. In addition, cryptocurrency transactions can be conducted directly between the business and the customer on the blockchain, which avoids the potential for third-party scams and external payment disputes. By accepting cryptocurrency payments, businesses can simultaneously grow their capital and streamline payment processes.

While there are significant risks that accompany cryptocurrency investments, doing your research and being diligent can help you significantly grow your business capital and fund new developments. Exploring different payment options and looking into specific coins can help you become more knowledgeable when it comes to determining the best way for you to start or operate your business.

 

SALT announces first-ever distributed custody model for securely storing collateral assets, onboards Fireblocks as first partner

This new model will allow SALT to distribute risk, enhance security, reduce interest rates, fund loans more swiftly, and focus on expanding its suite of wealth preservation products

We’re excited to announce Fireblocks, a platform that secures digital assets in transit, as our first partner for securely storing and transferring customers’ collateral assets. The partnership with Fireblocks marks a shift in SALT’s business model from self-custody to a more distributed custody approach that will allow us to onboard additional partners in the future and add greater flexibility for capital providers. This new approach also enables us to distribute risk, fund loans and conduct transactions more quickly, and provide customers with enhanced security for their cryptoassets, as well as lower interest rates on crypto-backed loans.

“When SALT was founded in 2016, custody wasn’t where it is now, so we built a proprietary custody solution to keep our customers’ collateral assets safe,” said Justin English, CEO of SALT. “Now that the industry has matured and companies like Fireblocks have come to the forefront, we’re excited to work with them to streamline our operations and expose their networks to our suite of wealth preservation products. They have a proven ability to safely and securely store and transfer collateral assets and to do so swiftly, which will inevitably allow us to provide faster service to our customers and focus more on product development.”

The move toward third-party custody solutions will also enable SALT to provide greater security and flexibility to capital providers that may prefer to work with a specific custodian, provided the custodian meets our rigorous security standards.

“MPC has quickly become the industry standard among the largest and most trusted institutions in the digital asset space,” said Michael Shaulov, CEO and co-founder of Fireblocks. “We’re proud to partner with the SALT team to help them strengthen security, reduce costs and expand operations as they move into the next stage of their growth.”

Fireblocks meets these security standards by combining multi-party computation (MPC) with Intel SGX technology to create a proprietary, defense in-depth approach to digital asset security — this allows organizations to accelerate operations without relying on physical hardware or slow, manual processes.

“Security is our top priority as we make this shift to be commensurate with our growth and distribute risk among trusted custodians,” said Dirk Anderson, chief technology officer at SALT. “The primary reason we’ve chosen Fireblocks as our first partner is because of their approach to MPC technology. Not only does it meet our security standards, but it will grant us more flexibility and increase the speed at which we can conduct transactions. This means we can fund stablecoin loans much faster and reduce the turnaround time for returning customers’ collateral assets once their loan has matured.”

From a customer standpoint, the biggest and most exciting changes to note are increased security, faster services, and the offering of lower interest rates. Aside from these changes, the customer experience will largely remain the same. Just as they do now, borrowers will still be able to make deposits and withdrawals, and will be able to continue tracking the health of their loan via our Loan-to-Value monitoring and real-time notification systems.

“We believe working with Fireblocks and other custody partners in the future is in the best interest of both the business and our customers,” said English. “Not only will we be able to offer more competitive interest rates, but we will have the time and resources to focus on expanding our offerings to include products that are designed to help our customers build and preserve their wealth.”

To apply for a loan or learn more about our suite of wealth preservation products, visit https://saltlending.com/getaloan/ or contact [email protected]. For questions contact [email protected].

About SALT

SALT, the pioneer of crypto-backed lending, offers a way for individuals and businesses to use their cryptoassets as collateral to secure a fiat or stablecoin loan without having to worry about credit checks. SALT offers flexible loan terms and accepts multiple cryptoassets as collateral including cryptocurrencies, stablecoins, and tokenized gold. SALT also offers competitive interest rates and does not charge origination or prepayment fees. As cryptocurrency becomes more widely adopted and additional real-world assets become tokenized, SALT’s mission is to offer solutions that make it possible for people to securely hold, manage, and borrow against their cryptoassets. Founded in 2016, SALT is headquartered in Denver, Colorado. For more information, visit www.saltlending.com or follow us on Twitter, Facebook and Medium.

All SALT loans are subject to KYC, AML, and other Terms, Conditions, and Restrictions. Please see saltlending.com/terms and FAQ for additional information. Loan options and terms may not be available in your jurisdiction, for your loan amount, and/or collateral type. SALT Loans are subject to jurisdictional limitations and other restrictions. SALT may not be able to offer a loan to all borrowers. SALT loans are originated by Salt Lending LLC. NMLS #1711910. NMLS Consumer Access (https://www.nmlsconsumeraccess.org/).

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. They have secured the transfer of over $70 billion in digital assets and have a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.

Media Contacts

SALT

Kendra Staggs, [email protected]

Fireblocks

Yelena Osin, [email protected]

The first card that lets you use
your crypto for everyday purchases,
without selling any of it.

The first card that lets you use
your crypto for everyday purchases,
without selling any of it.

Three SALT credit cards floating