Salt Lending Adds Dogecoin, Shibes Rejoice
Shibes rejoice! As of today, October 20th, 2018, users of the popular Salt Lending platform will be able to put up their Dogecoin (DOGE) as collateral for loans. Elaborating on this exciting subject matter, Salt Lending, or SALT for short, issued a Medium post to highlight what this move entails.
Such Wow. https://t.co/FQId8Tf9Dr pic.twitter.com/P1KDENmzPW
— SALT (@SALTLending) October 19, 2018
Per the post, DOGE will now be a collateral option alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). By putting up any of the four aforementioned crypto assets, qualified users of the platform can “leverage their digital assets” to gain access to U.S. dollar loans. It is important to note that SALT allows users of its platform to put up a combination of the four assets as collateral, which allows for a solid range of flexibility.
Seeing that SALT is the foremost retail-focused crypto-loan platform, with a reported jaw-dropping $50 million in loans issued, the adoption of Dogecoin might’ve been something that the crypto community was waiting for.
But why Dogecoin? You may be asking.
Well, the five-year-old cryptocurrency that was based on the fittingly named “Doge” meme has continued to gain backing, even in spite of its reputation as a joke crypto asset. Moreover, unlike a majority of altcoins today, its use case is established, making it one of the most used blockchains in terms of transaction throughput and collective transaction values. As reported by Ethereum World News previously, as spotted by cryptocurrency researcher and analyst Kevin Rooke, Dogecoin’s daily transaction throughput beat Bitcoin Cash by 3x, Litecoin by 8x, Dash by 13x, Decred by 35x, and Bitcoin Gold by 41x. Keeping these surprising stats in mind, Rooke called Dogecoin “the envy of the crypto world.”
Also taking into account that DOGE is a pure cryptocurrency, through and through, it is logical why SALT decided to add this specific crypto asset. The firm itself acknowledged the aforementioned benefits of the meme currency, writing:
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.
At the time of writing, DOGE is worth $0.004514 a piece and is up 1.12% in the past day, establishing itself as the 21st crypto asset in terms of market capitalization.
SALT Continues Unbridled Growth Efforts
This news follows SALT’s move to add Litecoin (LTC) just two weeks back, likely indicating that the popular fintech startup is looking to rapidly expand its horizons. Coupled with its Litecoin announcement, the firm also announced a series of changes that may only better the user experience. More specifically, SALT decreased interest rates for its USD loans (under $75,000) to 5.99%, while also removing the maximum cap on loan amounts.
The startup also recently expanded operations into 15 additional U.S. jurisdictions, such as Texas and Washington, while also offering its service for the first time in Brazil, Hong Kong, along with five other nations. With these developments, it can be assumed that SALT seems to be aiming to gain the business of a wider user base.