In an email released earlier today, SALT lending has announced that its lending platform is live. Over the next week the company will release lending to the members who have already been approved via KYC. Below is the email.
Dear SALT Community,
2017 has been an incredible year for SALT, and we are overwhelmingly grateful to every member of our community that has contributed to our successes. From everyone at SALT, thank you!
SALT loans are live!
We have issued initial loans to a small group of members and we expect to have originated over $10m in loans by the end of this year. Our platform will continue to be rolled out in stages to ensure quality and security as we scale to meet the extraordinary demand for loans. We are excited to extend the application process to all of our community and expect to have between $50m and $75m in active loans by the end of January 2018. We are working as quickly as possible to safely and responsibly expand the rollout to serve the needs of each and every member.
While we will be continually adding new features and issuing more loans over the coming months, we are committed to a prudent and careful growth strategy. Our first priority is, and always will be, maintaining a secure and trustworthy product through every stage of deployment.
Some important things to note:
We will be initially providing loans (US dollar denominated and backed by Bitcoin or Ethereum) first to Enterprise members, followed by Premier members, and then to Base members.
As we continue the rollout this week, you will see a loan application form in your membership dashboard. If you have not already done so, you will be required to verify your identity before you can apply for a loan.
Each member’s access to loans and the order in which members are served will be determined case-by-case based on membership tier, local jurisdiction laws, and the order in which they applied for a loan.
As a thank you to our community, we will be allowing members to repay both their principal and interest with SALT (valued at retail price) instead of US dollars. Terms and conditions are subject to change and limitations. Final terms determined at the origination of each loan.
We are excited to begin the monumental task of serving our community of members. We appreciate your patience as we work hard to meet all of the demand in a responsible and secure manner. 2018 will be another incredible year for SALT, its members, and the blockchain space as a whole. We are proud to have each and every one of you as a member of our community!
All the best,
The SALT Team
— SALT (@SaltLending) December 27, 2017
SALTy Price action
Since the ICO SALT has been on a downward decline. Some earlier investors and other tokenholders claim that the early bonus was what killed the price. With a majority of SALT tokens being sold for under $1 and then the company offers SALT to the public for $10 all the way to the current price of $27.50. Yes you can still buy SALT from SALTlending, but you would be paying almost double the current price.
Due to the recent expectations of launch, the SALT token has been increasing in price for the last month. Hitting a low of around $3.50, SALT is currently trading at $16.50 on Binance. Expectations are for the upward 30s due to needing the SALT token for a variety of services, not just lending. Currently, SALTLending has a shop that accepts SALT tokens as payment.