California, Here We Come

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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.

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Visit saltlending.com to apply for a loan.

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

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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.

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Pass the SALT, Grow Your Wallet

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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.

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.

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

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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.

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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.

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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.

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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

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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.

More Than Twice the Opportunity

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Until recently SALT Lending has been operating in 15 U.S. jurisdictions, as well as New Zealand and the United Kingdom. Our active pursuit of additional opportunities to enable our members has paid off. We are proud to announce the addition of 20 new jurisdictions in the United States in which we can expand our operation for a total of 35. Effectively we’ve broadened our reach by 60%. As our growth continues, we anticipate making additional announcements about where we will be operating. For today, we are pleased to service an abundance of new member applications.

Our operational intent in new jurisdictions available for both businesses and individuals includes a total of 13 U.S. states. Previously SALT was present in 5 U.S. states including Alabama, Alaska, Colorado, Georgia, and Kentucky. SALT is now set up in an additional 9 U.S. jurisdictions which include Connecticut, District of Columbia, Florida, Illinois, Kansas, New Hampshire, North Carolina, Ohio, and Oklahoma. Alabama has joined the list of business-only jurisdictions.

SALT’s operations focused solely on business loans will also expand. Previously SALT’s business-only loan operations included Delaware, Kansas, Mississippi, Missouri, New Hampshire, New Mexico, North Carolina, South Carolina, Oklahoma, and Wyoming. Luckily four of these are areas that have moved to the list for both business and individual operations. These include: Kansas, New Hampshire, North Carolina, and Oklahoma. Business-only jurisdictions now include 22 areas. The newly added states are: Alabama, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin.

We are currently engaging with members who previously submitted loan inquiries and reside in areas in which we did not previously operate. We wish to thank you for holding and waiting until this time and encourage you to submit your loan inquiries for our review.

In the meantime, new member applications will be accepted at the upgraded member portal. Those with a previous membership that have not yet reestablished their account on the new platform are advised to do this as soon as they receive email confirmation that their account has been triggered. After this process has been completed, members will have the opportunity to check out minimum requirements in specific jurisdictions, use tools associated with the Proof of Access (POA) program and review their fresh new personalized dashboard for more membership detail.

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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

SALT is Now Natively Supported on KeepKey Hardware Wallets

 

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SALT is a big fan of the KeepKey hardware wallet, and when we released our SALT-branded versions a couple of months ago, they sold out in minutes. 

With a recent firmware update and the updated production client available on the Chrome store, KeepKey now natively supports SALT ERC-20 digital assets, which means that it’s now even easier to send SALT onto your account, receive it from your account or exchange up to 30 other tokens or supported cryptocurrencies to purchase memberships with our blockchain-backed loan platform.

This integration should prove to be simpler for users, who may be using digital wallets that are less intuitive, this integration simplifies things for users of one of the world’s leading cryptocurrency hardware wallets.

Ken Hodler, CTO of KeepKey said about this integration — “We couldn’t be more excited about natively supporting thirty ERC-20 digital assets, including SALT, our first-ever white-label partner. Users can securely send and receive SALT Memberships directly on their SALT branded KeepKey. Any user not holding SALT can easily use our ShapeShift integration to convert their current digital assets into SALT. We are elated to have this partnership with SALT, an innovative and industry leading lending company.”

We will be releasing additional information on Medium over the coming weeks, and if you want to stay up to date with all things SALT, our website offers the ability to contact the SALT Team directly for any questions or concerns. Also, you can engage with us via social media by following us on Twitter @SaltLending, visit our SALT Lending Facebook page, or subscribe to our YouTube channel. You can also join our decentralized community partners by participating in SALT’s Telegram and Discord channels, as well as our main subreddit.