Salt bitcoin
SALT Lending is a blockchain-based lending platform that offers users cryptocurrency-backed loans. SALT Lending has a native token, called SALT, that can be spent to reduce the interest rate on a loan and can be used as a secondary form of loan collateral. The company was launched in and is operated by Salt Blockchain Inc. SALT was founded in in Denver, Colorado by a group of Bitcoin enthusiasts and finance professionals, who aimed to bring to the market a product that enabled its users the ability to leverage their cryptocurrency to secure a cash loan while retaining ownership.
SALT introduced asset backed lending to the cryptocurrency marketplace with the original blockchain-backed loan, providing a new level of versatility to digital asset holders seeking liquidity. Fast-forward to today and you discover a regulated and licensed company that builds not only crypto-backed lending technology but also scalable, insured institutional-grade crypto custody and blockchain monitoring products.
SALT now has over a 40 person team of core employees, technical developers and advisors with experience in various spheres. According to its whitepaper, SALT was the first provider of cryptocurrency-backed loans creating the niche lending market. The company is regulated and holds numerous lending, collection and loan servicing licenses.
Payouts are available in both cash and stablecoin. Prepayment penalties and bank-style origination fees are waived. The interest rates vary based on the selected loan term and LTV. The platform also functions as an insured cold storage wallet, and hosts its own SALT token which users can leverage to decrease loan interest rates among other things. The company lends in the United States and internationally, to individuals and institutional entities such as mining businesses and hedge funds.
The company has live customer service, client support and best-in-class compliance programs to meet the needs of its users. The SALT Platform was designed with the volatility of cryptocurrency and wealth preservation in mind. In the event of a margin call, assets are automatically converted to a stablecoin in lieu of liquidation, a unique feature in the lending space.
Here's how it works: When a loan reaches a forced liquidation LTV, instead of immediately selling collateral assets to restore the health of the loan, the SALT Platform converts some portion of the collateral assets to a stablecoin thus preserving collateral value. Once the health of the loan has been restored, the borrower can ask to convert the loan collateral back to the original cryptocurrency assets, such as BTC, ETH, LTC, etc… This gives users the opportunity to convert assets as the market is coming back up, creating the potential for users to not only preserve wealth, but grow it.
Notwithstanding a general policy of giving borrowers notice of a margin deficiency. You should review the representations and warranties described in the loan agreement. Borrowing against collateral entails risk and may not be appropriate for your needs. Rates for SALT products are subject to change. No Investment Advice Nothing on this website should be construed as an offer or sale of SALT Tokens, or any endorsement or recommendation regarding any type of digital assets.
You are encouraged to conduct your own research and due diligence and to consult your financial, tax or legal advisors before making any investment decisions. Digital assets are highly speculative and the market is largely unregulated. Anyone considering investing in or with digital assets should be prepared to lose their entire investment.
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BITCOIN DIAMOND PENDANT
What is the Lightning Network? No E by the way, Lightning without an E. And why is it important? Elizabeth Stark: Thanks, Brett. First of all, it's so incredible to be here today as a New Yorker with this crowd here, being in the financial center of the world and one of the tech centers of the world. So, Ross is correct. This is possible. And the Lightning Network is a technology that enables instant high volume transactions over Bitcoin. You can think of it as kind of this second layer as we call it or a transaction layer operating on top of the Bitcoin blockchain.
So today on the internet, and by the way, I'm a tech geek. I come from the land of magic internet money as we say in the Bitcoin world. Today on the internet, it's really easy to send a photo in any application to somebody anywhere around the world instantly, right? You can do it in text message.
You can send it via Twitter, WhatsApp, in a variety of ways. But why can't you send value? Elizabeth Stark: So being the internet geek that I am, in the early days of the internet I wondered why can't you actually just send money? For example, I love music, to a musician, to a band, to a DJ, to somebody that created a video and just embed it natively in the internet. So the goal with Lightning is to be able to natively embed value and payments in the internet.
In fact, the early creators of the internet, Tim Berners-Lee, in the early nineties envisioned that this would be the case back then. They created an error code it's called HTTP payment required, which is kind of like not found, it just was too early.
You know, will this actually scale? And will people be able to use it to natively embed payments on the internet? And then I learned about the possibility of this second layer operating on top of Bitcoin that can scale it to billions of people and I was sold. And this was actually back in when I first learned about this concept. So a lots happened since then, and I'm excited to chat about it today. Brett Messing: So what is a use case for the Lighting Network? Because you know, I think for many people they look at Bitcoin, they see the price go up, particularly I think Americans, they don't see the utility of it.
And I think the thing that's interesting about Lightning is it is bringing utility to Bitcoin. So why don't we talk about what Lightning can do? Why are we so excited? Elizabeth Stark: Definitely. So Bitcoin's first killer use case or killer app is that of Bitcoin the asset.
So in , Satoshi, third January , the [inaudible ] creator of Bitcoin launched the Bitcoin network. And everyone's familiar I'm thinking here today with Bitcoin the asset. You buy it, the price has gone up substantially. The community has a meme. We call it number go up technology, right? The idea that the price of Bitcoin will go up and there are only 21 million that ever exist. But what got me interested in Bitcoin was less of the asset element and more of the idea that Bitcoin can really be this internet of money.
So with Lightning Network we're actually building Bitcoin, the monetary network, and it's really about three years old. So Lightning initially launched as a protocol in on the main Bitcoin network. We call that main net. My company, Lightning Labs built some of the leading tools for developers to build on this technology. Elizabeth Stark: And the goal there is to have internet native digital money. If Bitcoin is just the equivalent of digital gold or a digital rock, then we don't actually tap into the use cases where you can natively embed payments on the internet and have programmable money.
So the goal with Lightning is really to enable this. So you asked about use cases. So the way that I think about it, in the early days of the internet, people didn't envision the use cases that are commonplace to us today. Something like a Google, a Wikipedia, Airbnb and Uber, that's the same for the internet of money.
There are all sorts of use cases. For example, in game payments for video game developers, streaming SATs, or Satoshis as we call it, for streamers, for podcasters, for people, creators on the internet. We also have the ability to have cross-border payments instantly with extremely low fees, adoption and emerging markets. Elizabeth Stark: So there are these use cases that weren't previously possible.
And then also people that did not previously have access. Some people think, okay, why do I need Bitcoin today? I have my credit card. Well, there are billions of people around the world that do not have access to the existing credit card networks who charge something like , maybe even basis points for a transaction. And we're actually seeing today adoption in many of these markets. El Salvador, some people may have heard recently made Bitcoin legal tender.
Today, Starbucks, there's a great company called IBEX Mercado, McDonald's, one called OpenNode and a variety of major retailers are using the Lightning network today, built on the technology that my company has created. Which if you'd asked me a couple months ago if this would happen, I probably would not have believed it, but welcome to So there are huge opportunities for people globally that don't have access to the financial rails that we do here in the US.
Brett Messing: So you mentioned like Uber and Airbnb, sort of disruptive technologies. It seemed to me that the thing that exploded in my mind when I heard about Lightning was the remittance market. And can you just explain how that works? So let's just say I'm sending money to someone in Mexico City on Lightning. I just think people would find it interesting just how functional it is.
So there's some great companies already out there. There's one called Strike, another one called Paxful that are enabling cross-border payments with Bitcoin and Lightning. So the way that this would work is a user using a service could convert say US dollars to Bitcoin's sent over the Lightning network and Lightning enables these instant high volume transactions.
And then it could be converted back at the point of receipt to say peso. And you have Western Union and major players out there that are charging very high fees, especially for low value transactions. You might have to physically go to a location. All this can be done with a smartphone, right? And we see in emerging markets a huge amount of smartphone penetration, many people have access to those.
So in these markets, people are able to leapfrog over the outmoded technologies to be able to adopt instant, high volume transactions over Bitcoin and Lightning. Elizabeth Stark: And one key element is people say, okay, volatility. That can be a question. Well, when you have instant transactions and you want to go from USD to Bitcoin over Lightning to another currency, say peso, you actually aren't exposed to that volatility, which is key.
In that case, of course, some people want Bitcoin. I like to say, Bitcoin is a millennial retirement account. I have a number of friends here in New York City, they are very short on dollars and they hold a lot of Bitcoin as part of their strategy.
Elizabeth Stark: But it depends on the individual. But in this case, Bitcoin is serving as a value transport layer, as I like to think about it. And the vast majority of users in the future likely will not know that they're using Bitcoin. They just think they're sending value on the internet and maybe denominated in their local currency. And that's the way the internet works today. For example, people that use say email may not know that SMTP is a protocol underlying email. They just use their Gmail.
Email's not even that cool anymore. But that will be the same with Bitcoin and Lightning and the internet of money. Brett Messing: Okay. So we mentioned El Salvador, just like I guess in the development of Bitcoin, which you've been a part of for a long time now, big deal, little deal? I think when I think about what you're doing, you're really bringing Bitcoin to the masses.
It's like, what does this mean Bitcoin being legal tender in a country? So my company Lightning Labs, we're about 25 people these days and we have a number of brilliant developers and credit, for example, to my co-founder and our CTO, his name is Olaoluwa Osuntokun, who was born in Nigeria, came to the US when he was younger and has seen the value of all of this, especially with family back in Nigeria, brilliant engineer.
And so if you had told me even six months ago we would have seen nation state level adoption of both Bitcoin and Lightning, I would not have believed that. And it happened. And even though, El Salvador being a small nation, six some odd million people, I believe it is historic and significant that this level of adoption has occurred.
And a number of retailers are now using the Lightning network. So Bitcoin, the community loves Twitter, right? People are on Twitter. Elizabeth Stark: I'm sure you've seen a lot of that. And there was a tweet this week because last Tuesday was the launch of this law in El Salvador and a number of these retailers were using Lightning, the technology that we had built called L and D from my company, and a fee at Starbucks for a user paying over the Lightning network was five hundredths of a cent, which I thought was just incredible.
I mean, compare that to the types of fees that people would pay for the traditional card networks. So there's a joke in the community about paying for coffee with Bitcoin and in the US it is not necessarily hard to pay for coffee, but in many other emerging markets, the rails are not there and they're actually able to use this technology. So to me, I believe it is quite significant. There's also been a domino effect. SALT introduced asset backed lending to the cryptocurrency marketplace with the original blockchain-backed loan, providing a new level of versatility to digital asset holders seeking liquidity.
Fast-forward to today and you discover a regulated and licensed company that builds not only crypto-backed lending technology but also scalable, insured institutional-grade crypto custody and blockchain monitoring products.
SALT now has over a 40 person team of core employees, technical developers and advisors with experience in various spheres. According to its whitepaper, SALT was the first provider of cryptocurrency-backed loans creating the niche lending market. The company is regulated and holds numerous lending, collection and loan servicing licenses. Payouts are available in both cash and stablecoin. Prepayment penalties and bank-style origination fees are waived.
The interest rates vary based on the selected loan term and LTV. The platform also functions as an insured cold storage wallet, and hosts its own SALT token which users can leverage to decrease loan interest rates among other things.
The company lends in the United States and internationally, to individuals and institutional entities such as mining businesses and hedge funds. The company has live customer service, client support and best-in-class compliance programs to meet the needs of its users. The SALT Platform was designed with the volatility of cryptocurrency and wealth preservation in mind. In the event of a margin call, assets are automatically converted to a stablecoin in lieu of liquidation, a unique feature in the lending space.
Here's how it works: When a loan reaches a forced liquidation LTV, instead of immediately selling collateral assets to restore the health of the loan, the SALT Platform converts some portion of the collateral assets to a stablecoin thus preserving collateral value. Once the health of the loan has been restored, the borrower can ask to convert the loan collateral back to the original cryptocurrency assets, such as BTC, ETH, LTC, etc… This gives users the opportunity to convert assets as the market is coming back up, creating the potential for users to not only preserve wealth, but grow it.
Notwithstanding a general policy of giving borrowers notice of a margin deficiency. The system may liquidate or convert pledged assets without notice to borrowers to ensure that minimum maintenance requirements of the loan are satisfied. The liquidation or conversion of pledged assets could result in adverse tax consequences.
SALT advises borrowers to consult their tax advisor in order to fully understand the implications associated with pledging digital assets as loan collateral. SALT has a fixed supply of ,, tokens.
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