What is Salt (SALT)? A beginner’s guide in 360 words.

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Many people, including myself, would be lead to believe this cryptocurrency would pertain to something with food. However, this could not be any further from the truth.

Launched in September 2017, SALT is the first asset-backed lending platform to give Blockchain asset holders access to liquidity without them having to sell their tokens.

“SALT provides investors with an innovative and secure opportunity to lend against a high-growth asset class through a fully-collateralized debt vehicle.”

Essentially what this is saying is that when applying for a loan through their site, you use your SALT tokens to secure the loan (collateral). To do this process with SALT, the borrower hands over their tokens, which is valued based on the price on their platform, and then receives their loan and makes payments on the debt over time.

Once the loan is repaid, the tokens are released back to the borrower, who retains ownership of the tokens. However, if the borrower has trouble repaying the loan, they are able to sell the tokens to repay the loan as a last resort.

Unlike many new cryptocurrencies that display roadmaps on their site that seem very unfeasible, SALT has lived up to their promise by launching their platform. As of December 27th, 2017, members are able to apply and receive loans.

As of December 28, 2017, SALT had already funded $2.4 Million in loans. Management believes by the end of January 2018, they will have between $50 Million to $75 Million in active loans.

Through their platform, there are three different types of loans you can apply for which are displayed above. Something important to take note of is that not only can you obtain a loan through USD, but also loans that are backed by Bitcoin or Ethereum.

If you would like to learn more about SALT or know where you can purchase it, you can visit their website here.

How can you buy SALT?

You first need to buy Bitcoin or Ethereum on Coinbase and then transfer it over to your account at Binance to exchange it for SALT. If you get stuck or need help, send us a message through our Facebook page or use our contact page and someone on staff will walk you through the process.