SALT Adds DOGE Option
SALT is one of the most well-known cryptocurrency lending platforms in the space, and has recently diversified their collateral options to add Dogecoin (DOGE).
SALT aims to be an alternative to loans from traditional financial institutions, and streamline the process with regards to loan approval for those with blockchain assets. For those who are unaware, DOGE is a meme-based cryptocurrency that began as a joke, but now boasts a market capitalization of over $500 million and has even obtained a NASCAR sponsorship and raised money for charitable causes, as well. SALT users can now leverage their DOGE holdings in order to secure a loan in USD.
The SALT team elaborated on the addition, pointing out that “Dogecoin has a rich history and incredible support from its community”. The fact that the coin has a certain amount of liquidity helped the decision for the 20th-largest coin to be added to the platform. SALT now offers four collateral options: Bitcoin, Litecoin, Eethereum, and Dogecoin.
Many consider this a response to the fact that competing cryptocurrency lending platform, NEXO, added XRP as a collateral option several days ago. NEXO currently offers Bitcoin, Ethereum, NEXO (its own currency), BNB (Binance’s token), and now XRP, as collateral options.
NEXO had previously tweeted a Letter of Intent (LOI) to SALT, offering to acquire the remaining assets of its company. This came off of rumors that SALT was an exit scam that were circulating within the cryptocurrency community, especially after the CEO, Shawn Owen, quietly and suspiciously stepped down.
Many in the cryptocurrency community felt that the tweet was in bad taste, and simply a PR move to criticize the competition. In the LOI, NEXO offered to provide up to $2 million in liquidity per client for SALT users, and would even consider honoring them with memberships on their platform. Both projects currently hover around a market capitalization of $60 million.