Dogecoin Added As Collateral On Crypto Lender SALT - Dogecoin News. Sunday, October 21st
Dogecoin added as collateral on crypto lender SALT
WOW, how borrow, such lending
Blockchainb-based loan provider SALT has recently announced the adding of Dogecoin (DOGE) as a collateral option for users who are in need of capital in USD, but don’t want to liquidate their portfolios. According to a Medium post, the popular “joke” cryptocurrency featuring a Shiba Inu, is joining Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) in the loan portfolio of SALT.
“Today SALT, the leading provider of large Blockchain-Backed Loans™ for cryptocurrency holders, announced the popular Dogecoin as its latest collateral option for clients seeking to leverage their digital assets to secure a USD loan,” reads the announcement by the company.
Dogecoin is one particular currency. Conceived in 2013 as a “joke cryptocurrency”, the coin has grown to become a widely popular digital asset, and one of the faces of the whole crypto ecosystem, despite being ranked 21 in the top 100 crypto assets by market cap. In part, because of the community supporting this coin, which has been acknowledge as one of the most solid and fast-growing of all.
In addition, Dogecoin is a widely traded crypto asset that offers high liquidity, and it is based on the Bitcoin protocol. Due to all of this, the coin was chosen as the next addition to SALT’s portfolio of collateral options. “[…] an obvious collateral choice for SALT, as it enables the company to connect with the broader crypto community in a fun, approachable way,” the company stated.
SALT (which stands for Secured Automated Lending Platform) is a blockchain-backed platform for cash loans. In other words, users can hand over a crypto asset as collateral in exchange for fiat currencies.
The process for picking a loan is simple. As a member of the platform, a person is connected to other parties known as “lenders”, who will post the terms in which they’re willing to lend the money. Once selected the one with the terms that best suit your needs, the process of lending begins. The borrower deposit the crypto asset in a multi-signature smart contract, and the lender transfer the funds directly into the former’s bank account.
The borrower then makes monthly payments on the loan and once it is repaid, his crypto assets are returned.
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