Salt stands for Secured Automated Lending Technology. Salt Lending describes itself as "a next-generation loan platform for loans." In essence, Salt Lending offers a lending platform where members of the platform can offer their blockchain assets as collateral. Salt claims that blockchain assets are ideal collateral because they exist in a distributed peer-to-peer ledger, with efficient transfer, storage and liquidation, which is transparent and publicly transparent. This reduces both costs and cases of fraud.
Shawn Owen founder of SALT in 2016 and currently CEO, is a series entrepreneur with years of experience. The most outstanding member of the SALT team is one of their advisors, Erik Voorhees. Voorhees is the founder and CEO of ShapeShift one of the most popular crypto-to-crypto exchanges.
SALT achieved a major milestone in January 2018 by officially providing loans to members of the highest level. The platform already had nearly 50,000 members and has financed over $ 7,000,000 in Bitcoin and Ethereum as supported loans.
SALT coins, ERC20 tokens (built on the Ethereum blockchain) are issued to become members of the SALT blockchain platform. In addition, you can redeem these tokens to pay interest on your loan and receive better rates for loans. SALT held their ICO in Q3 2017. There are a total of 120 million SALT coins.