SALT, the crypto lending platform, announced that they are adding the mega-famous “joke” altcoin, Dogecoin as collateral for users seeking to leverage their cryptocurrency to get loans in dollars.
This information comes just weeks after SALT did some other improvements to Litecoin backed loans. At the same time, they increased their worldwide presence in international locations like UK, Hong Kong, New Zealand, and Vietnam.
Their official release on Medium states:
“Dogecoin has a rich history and incredible support from its community, is widely traded, offers high liquidity, and is built using the Bitcoin code base — all factors that make it not only a viable asset to loan against, but an obvious collateral choice for SALT, as it enables the company to connect with the broader crypto community in a fun, approachable way.”
Earlier this month SALT revised the interest rates by lowering to 5.99% interest rates for loans less than $75,000 and by 11.99% interest rate for loans up to $25 million dollars. They also launched a voting system for new coins users would like to be added in the platform.
“We’re listening to members of our community and are continuing to learn what’s most valuable to them. Currently, people can vote on ETH Classic, Monero, XRP, Cardano, Dash, Bitcoin Cash, or they can fill in their own recommendation, as we’re always working to expand our collateral offerings,” said Nealson.
Dogecoin was at the beginning created as a comic story, referencing a meme approximately a humorous-looking Shiba Inu dog that won extensive popularity on the internet.
Yet, considering the fact that since its introduction, the cryptocurrency’s reputation and price have achieved stratospheric heights. At the time of writing the Dogecoin price is $0.004576.
A solid online community has gathered around the coin over the years with many supporters and believers in the coin. The community has done some amazing things with Dogecoin, from using the cryptocurrency to raise $50,000 in Dogecoin funds for the Jamaican bobsled team to go to the Sochi Winter Olympics to sponsor building a well in the Tana river basin in Kenya to provide drinking water to the local inhabitants. The campaign to fund the well in Kenia got more than 4000 doors including a donor who donated 14 million Dogecoins or $11,000.
SALT is one of the biggest lending platforms which allows users to get loans in fiat using cryptocurrencies as collateral.
It is similar to normal banks when you put your hose as collateral to get a loan. But here instead you put your cryptocurrencies (Bitcoin, Ethereum, etc.) to get cash SALT slogan has been “keep your crypto, get your cash”.
Basically talking, users can out their cryptocurrency as collateral and get a low-interest mortgage that can be paid with either fiat or SALT tokens at a price of $27.50 per SALT token. When the company started operating the major interest was shown from users in the US states but later was revealed that Americans are not allowed to apply for loans at SALT most likely because of licenses required to operate in the United States.