Uphold and Salt Partner to Bring Liquidity to Millions Using Crypto-Backed Loans
Cointelegraph By Rachel Wolfson's original article for cointelegraph.com reduced by 78%
The potential of crypto-backed loansCrypto-backed loans from Salt ultimately allow Uphold users the ability to keep their crypto and receive cash, providing an easy solution to unlock the value of their assets without having to sell them on an exchange. "When applying for a loan through SALT, Uphold users can customize their loan by choosing their preferred loan type, loan amount, duration, and Loan-to-Value ratio. SALT currently offers Loan-to-Value ratio options of 30%, 40%, 50%, 60% and 70% for crypto-backed loans and does not require customers to undergo a credit or income check," Rob Odell, VP of product and marketing at Salt, told Cointelegraph.
"A crypto mining company that holds a significant amount of crypto needs fiat currency to cover operational costs, including purchasing more mining equipment and paying its employees. Given the company does not want to sell its crypto holdings for cash, the company takes out a business loan with SALT and uses a portion of its crypto holdings to secure the loan..
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