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.
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.
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.
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.
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
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 Percent 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?
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.