Salt Lending announced on August 8 via a press release that the firm has opened operations in 20 more states, extending their reach to 35 states in the US.
Salt Lending’s operations now include Connecticut, Washington D.C. Florida, Illinois, Kansas, New Hampshire, North Carolina, Ohio, Oklahoma, Alabama, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin.
Extending Their Reach
Not only is the firm expanding, they have also revealed a new tech platform for clients. The improved platform includes updated tools for borrowing funds and faster transactions, and a new member loyalty program as well.
SALT’s CEO Bill Sinclair says the expansion process is complicated, and the firm’s legal team worked with regulatory experts to ensure that all loans the firm provides fall within each state’s individual laws.
The firm is currently working on moving their current users to the new platform. Sinclair adds that the firm is working on the new platform with “key community leaders and worked their feedback into the nuances of our technology.”
SALT also unveiled a new member loyalty program aimed at attracting new clients and retaining existing ones. Called Proof of Access, the loyalty program lets users change their loan conditions using the firm’s SALT token.
New clients can become members by depositing at least one SALT token on the company platform and can stake their tokens to adjust loan interest rates.
The firm also plans to continue development on its platform. SALT plans on adding more products, such as micro-loans and qualified custody products, aside from expanding internationally.
SALT is also looking into adding new tokens to use as collateral for loans. Sinclair explains that:
“As blockchain assets continue to grow in abundance and popularity, technology will need to pivot accordingly. … Opening doors for our potential borrowers who may have selected different investments than bitcoin and ethereum will be a key differentiator for SALT in the future.”
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