Uphold users have gained access to loans from Salt Lending using crypto holdings such as bitcoin cash (BCH) as collateral. The digital money platform has more than 1.5 million users globally and has powered over $5 billion in transactions.
Also Read: Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines
Uphold Partners With Salt Lending
Digital money platform Uphold has announced a partnership with Salt Lending to provide its users with cash or stablecoin loans using cryptocurrencies as collateral. Uphold users can now secure loans through Salt against their holdings in BCH, BTC, ETH, DASH and XRP.
In addition to bringing leading credit solutions to Uphold users, Salt has integrated Uphold wallets into its own platform, allowing the company’s growing user base to access Uphold’s products through their dashboard. The integration is aimed at streamlining the lending experience for shared users through seamless collateral transfers and loan proceed payouts.
“Salt has given its users the flexibility to access loans using their cryptocurrency holdings. Our integration with the Salt platform allows us to grow our service offering and provides another real-world use case for Uphold members,” said Robin O’Connell, Chief Revenue Officer at Uphold.
With a crypto-backed loan from Salt, Uphold users can unlock liquidity from their crypto assets without having to sell them. Unlike traditional financial institutions, Salt allows customers to use their crypto assets as collateral to secure a cash (USD) or stablecoin loan in as little as 24 hours.
The company explained that 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 (LTV) ratio with options ranging from 30% to 70%. There are no credit or income checks required and no origination or prepayment fees.
Large Global Customer Base
Uphold is a digital money platform offering investments and payments services based on blockchain technology. With more than 1.5 million users globally, Uphold has powered $5.3 billion in transactions as of September 2019. The San Francisco based firm provides both retail customers and businesses worldwide with access to fiat and digital currencies, as well as precious metals. The company has offices in New York, Portugal and London.
Uphold is also a major member of the Universal Protocol Alliance, a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. Bitcoin.com Exchange recently listed the Alliance’s Universal Protocol Token (UPT), a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading.
“Uphold has built an impressive platform that provides a seamless on-ramp into the digital economy and a simple method to transact across diverse asset classes. We’re excited to bring our leading crypto-credit products to Uphold’s global customer base and enhance our borrower experience through a direct integration with Uphold wallets on our platform,” commented Jarrett Abraham, Director of Corporate Development at Salt. “Together, we’ll provide ultimate flexibility for crypto holders who need access to liquidity across a range of crypto assets and fiat currencies. This is an exciting strategic partnership for us that helps further our mission to accelerate the world’s ability to embrace crypto assets and participate in the token economy.”
What do you think about Uphold users gaining access to crypto-backed loans? Share your thoughts in the comments section below.
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