A Message from SALT on our Form 10 registration statement filing

In September 2020, SALT reached a settlement with the U.S. Securities and Exchange Commission (SEC) related to the offer and sale of SALT Tokens in our “membership token sale” or “initial coin offering” (“ICO”), in which we offered and sold digital tokens (“SALT Tokens”) starting in 2017 through 2019. As part of the settlement, we are preparing to file a Form 10 to register our SALT Tokens under Section 12(g) of the Securities Exchange Act of 1934.

We have been working on the registration process and the SEC has granted us a 75-day extension on our filing deadline — an option that was included in the original SEC order. As a result of this extension, the Claim Form for purchasers of the SALT Token (applicable to those who purchased SALT Tokens directly from the SALT before and including December 31, 2019) will be available 60 days after the date of the filing of the 1934 Act Registration (or on the date seven (7) days after the 1934 Act Registration becomes effective, whichever date is sooner). For additional information about the claims procedure see the original SEC order.

As we work to complete the registration process, we continue to remain focused on providing new avenues for our customers to grow and preserve wealth. Not only have we made significant improvements to our lending product, but we have formed partnerships that will enable us to expand the business beyond lending. We’re excited about SALT’s future and will continue to share updates and milestones via our website.

 

Cutting Through The Noise

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Last week the Wall Street Journal published an article, “Firm Tied to Cryptocurrency Entrepreneur Faces SEC Investigation”, in which SALT was referenced. Since its publication, there have been many iterations of the article across different media outlets, all with varying degrees of accuracy. In light of this press, we thought it would be helpful to provide the community with useful information about SALT.

Dedication to Smart Legislation and Regulatory Cooperation

As many of you are aware, since 2017, the SEC has commenced investigations into many high-profile crypto currency companies, generally requesting information to determine adherence to law, as well as to better understand the industry and the need for regulation. It is our policy not to comment on particular regulatory inquiries, including any involving SALT.

Early stage companies often have the big responsibility of helping educate and collaborate with a diverse group of stakeholders. They are often called upon to adapt when in uncharted territory. SALT is contributing in many ways to help develop legislation, standards and education with the goal of responsible and informed business practices and consumer protections. Specifically, on a local level, SALT’s Co-Founder was appointed by Governor Hickenlooper to the Colorado Council for the Advancement of Blockchain Technology, a committee of industry and legislative leaders charged with creating a framework to guide lawmakers in creating smart legislation for SALT’s home state of Colorado. Additionally, on the international stage, SALT’s Co-Founder and Director of Global Strategy is an active advisor to the Organization for Economic Cooperation and Development (OECD), an inter governmental body that provides a form for the creation of standards across the world’s 36 largest economies.

Experienced Leadership

Like many growth-stage companies, we’ve made necessary changes to management in recent months. Along with saying good-bye to several executives, SALT has added four executives with corporate backgrounds and deep functional expertise including Bill Sinclair as Chief Technology Officer and Interim President and CEO, Eric Spencer as Chief Financial Officer, Jennifer Nealson as Chief Marketing Officer, and Amanda Darby as Chief Legal Officer. Bill has over 20 years in technology while Eric, Jennifer and Amanda each have over 20 years in Financial Services and deep lending background. The work they have done, along with the other senior executives, has helped the organization focus on key strategies for growth, understand the legal and regulatory requirements and create process and controls to operate more effectively. We are confident that SALT has the right expertise and resources in place to pursue its vision, not only in terms of growth but in terms of continued innovation.

Ongoing Commitment to Security

Security is a top priority at SALT, especially as it relates to the safety of our customer’s assets and personally identifiable information. SALT maintains an insurance policy to cover loss and theft of cryptocurrency assets. The Company recognized the importance of security in the early days and has improved protocols. To date there have been no losses to investors or customers. To learn more about the security measures that have been put in place, refer to the recent blog.

Best-In-Class Technology Platform

SALT has built and continues to improve its Technology Platform. From the margin call system to the LTV monitoring and portfolio valuation, we stay true to our roots as a technology company. We thank the incredible team of engineers who have dedicated themselves day in and day out to keep the Platform evolving for our loyal and prospective customers.

SALT is a healthy, growing company and has matured significantly in 2018 as the result of intentional improvements and innovations. We are proud to be the category leader and thank our loyal community for using our services and supporting our efforts.

Honored, But Not Distracted

A Message From SALT

As many are aware, I recently took on the position of President and CEO of SALT. And, while you’ll hear more from me in the coming days regarding the exciting developments here at SALT, I felt it was important to take a moment and address some rumors and speculation in the marketplace.

Recently, SALT has received a number of marketing inquiries showing interest in buying our business. While we appreciate our competitors’ interest in our purpose and business model, our company is not for sale, nor are we seeking any M&A (mergers and acquisitions) activities.

There are strong opportunities squarely in our sights, and all of us at SALT are excited to continue and execute our business plan. We are fully focused on enhancing our products for stakeholders, including investors and borrowers, and building a strong employee base to ensure we continue bridging the gap between crypto holders and conventional financial systems.

With over $50 million in loans serviced to date, a user base of over 70,000, and active loans in 3 countries, the community should rest assured that SALT remains strong and is dedicated to improving its products, services, and availability.

Until next time,

Bill Sinclair
Interim President & CEO
Chief Technology Officer

To the SALT Community

A Message From SALT

When we first announced SALT and what we were building, it was a new idea. The concept is as simple now as when we began: leveraging blockchain assets as collateral for loans.

We knew from the beginning there would be challenges and obstacles in the path to executing this model. We knew that we would have to build the bridges required to connect this new asset class to the traditional institutions and systems that have been historically resistant to change. This is always the case when you are disrupting the status quo. We knew other companies would follow our business model, walking down the same paths we cleared and over the same bridges we built.

Today, only a year after our official launch, our expectations have become a reality. The trail is blazed, there is loan demand, there is competition and new ways of doing business with traditional markets is unfolding. At SALT we welcome this evolution and recognize the value it brings to our collective vision. What was once a big dream is now a thriving competitive landscape.

For this I am grateful.

I am grateful for our community, because SALT would not exist without you. I am grateful for our critics, because they help us identify opportunities for improvement. I am grateful for competition, because it validates our industry and drives maturity. We have created a market that is revolutionizing the world — a call to arms that is getting louder every day.

When we started SALT, we were motivated by a deeply held belief that blockchain technology was going to bring about a world with more liberty, fairness, and prosperity. The total market cap of all cryptocurrencies was less than $6bn. Most of the world was unaware of what Bitcoin was, let alone its potential. Since those early days, I’ve watched the impact of both crypto and SALT grow tremendously. What was once a single beacon of light in a dark, centralized world of money is now a robust and evolving ecosystem full of incredible innovation. As for SALT, what was once a couple of people brainstorming in a coffee shop has become a growing company with of talented team, over $50MM in loans issued, expanding jurisdictions, evolving products and services and a community of members 70,000+ strong. We have been hard at work collaborating, building, testing and compiling a team all for the purpose of serving our global market.

Like Bitcoin, SALT has had some missteps along the way. But also like Bitcoin, SALT has become more dedicated through every experience, more antifragile through every challenge, and stronger through every success. I’ll be the first to admit that we could have been more communicative with our community. We’ve been building a solid team focused on addressing this pain point and I am confident that you will be hearing from SALT more regularly going forward.

As the 1st mover in this industry, SALT has the responsibility and privilege to lead without a map. It is a responsibility we do not take lightly and we will continue to work hard to build and operate our business with integrity and dedication. I applaud the tenacity and entrepreneurial spirit of every company that sees the same vision and potential that has motivated SALT since its genesis and has joined us in transforming this space.

SALT remains strong, dedicated to our community, and confident in the future.

All the best,

Caleb Slade

Co-founder and Chief Knowledge Officer

Getting to Know SALT’s Interim President and CEO Bill Sinclair

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As SALT approaches its upcoming announcement, this is a great time to get to know interim President and CEO Bill Sinclair. Bill brings more than 20 years of experience in software and technology development, and will apply that knowhow to SALT’s future as a visionary fintech company with a strong focus on security and scalability.

Bill led technology strategies at fast-growing companies in the financial services, energy and Internet of things (IoT) industries. As CTO of Cartasite, an industrial IoT company, he enhanced and expanded the company’s product development team. Prior, Bill led the growth and acquisition of MineralFile.

“I’m looking forward to building a bridge of continued innovation between traditional financial services and blockchain,” Bill shared. “It’s been a pleasure to work with such smart and dedicated people, and we’re just getting started.”

Bill has been a believer in the potential of blockchain technology for some time, and became very engaged with bitcoin in 2014. He first got into mining using an ASIC Miner he purchased on eBay. “I could only run it at night,” Bill laughed. “It made a ton of noise. You couldn’t even have a conversation in the same room with it.”

His interests have not been exclusively focused on blockchain. Bill has a strong philanthropic core, having served as a board member of We Don’t Waste, a food waste related charity organization founded in 2009. “I feel like the underbanked and food insecure have a lot in common, with both suffering from a lack of access to resources,” said Sinclair. He also helped found the BroncosBus, a philanthropic endeavor which helped raise money for a number of local and national charities.

Bill is a native of Colorado and lives in the Denver area with his family and their three-legged St. Bernard, Molly (who lost one of her legs to a rare cancer). “I inherited her through marriage and was allergic to big hairy dogs, but she was determined to rid me of my allergy by sleeping on my head nightly. Turns out I’m not allergic to her anymore!”

SALT is proud to have Bill serving as Interim President and CEO, and looks forward to sharing more insights about those leading the charge of disruption.

SALT Announces Bill Sinclair, CTO as Interim President and CEO

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At SALT Lending Holdings, Inc., our mission is to help holders of blockchain assets leverage them as collateral for cash loans. As part of that commitment, we continually evaluate the pairing of our leadership capabilities to the growth of our company to ensure that we have the right resources in place to serve our clients and community both now and in the future.

Today SALT appointed Bill Sinclair, Chief Technology Officer as interim President and CEO. Previously Sinclair led technology operations for several companies in various industries including IoT and financial services. Given SALT’s growth plans and market opportunity, Sinclair’s background will be a critical asset for future success. Assuming responsibilities from former CEO, Shawn Owen, Sinclair will run the day to day business operations of SALT. Owen leaves the company after serving as one of SALT’s Cofounders and CEO since the company formation in 2016.

Sinclair was an early adopter of blockchain technology and crypto currency. He has significant experience mining, programming, and developing technology solutions in the space.