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